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MOL CEO Zsolt Hernádi
The compliance proceedings initiated against the MOL Group’s Chairman and CEO have been concluded. The Budapest Metropolitan Court ruled in a final decision that Hungary will not take into account or recognize the final convictions issued by Croatian courts against Zsolt Hernádi.
The conformity assessment procedure initiated in the case of Zsolt Hernádi has been concluded. In accordance with EU rules, it must be examined whether a judgment rendered in another member state is compatible with Hungarian legislation and the provisions of the EU’s fundamental legal system, the Hungarian oil company announced on the Budapest Stock Exchange’s website on Thursday morning.
In its final ruling issued on March 18, the Budapest Metropolitan Court decided that Hungary would not take into account or recognize the final convictions handed down by Croatian courts against Zsolt Hernádi, Chairman and CEO of the MOL Group.
The reasoning behind the Court’s decision details the violations of law committed in these Croatian proceedings that seriously infringed upon Zsolt Hernádi’s fundamental human rights, specifically and in detail highlighting the violation of the fundamental human right to an impartial and fair trial and the severe restriction of his right to a defense.
Following the findings of the ICSID and UNCITRAL arbitration tribunals that corruption had not been proven, and following Interpol’s decision to lift the warrant, today’s court ruling marks another significant milestone in redressing the long series of legal injustices suffered by the Chairman and CEO, as well as Mol, at the hands of Croatia.
From MOL’s perspective, this is the second major legal victory in a short period of time. A week and a half ago, a federal judge in Washington also ruled in favor of the Hungarian oil company regarding the enforcement of the 2022 arbitral award against Croatia in the MOL–INA case. The Croatian state must now pay MOL approximately $236 million in damages to settle the decades-long dispute that arose in connection with the acquisition of INA.
MOL’s Danube Refinery Photo: MTI/Hegedüs Róbert
MOL has been in a long-running legal battle with the Croatian state over the purchase of the oil company INA. In 2003, the Hungarian oil company acquired a 25 percent plus one share stake in INA with a $505 million bid. MOL later increased its stake to 47.16 percent, becoming INA’s largest shareholder, while Croatia acquired a 44.85 percent stake.
Janaf oil terminal Omisalj. Photo: Wikimedia Commons
Hungarian-Croatian relations remain strained, as Janaf, the operator of the Adria oil pipeline—which has gained importance due to the Ukrainian oil blockade—is demanding a transit fee from the Hungarian oil company that is significantly higher than justified. MOL and Slovnaft therefore filed a formal complaint with the European Commission last week regarding the Adria oil pipeline operator’s abusive pricing practices. Furthermore, Janaf is reluctant to take a position on the delivery of Russian oil ordered by MOL.
Croatia continues to ignore a recent U.S. federal court ruling from March 2026, in which Judge Amir H. Ali in the District of Columbia enforced a 2022 arbitral award under the Energy Charter Treaty, obliging the country to pay Hungarian oil company MOL approximately $236 million (including $184 million in base damages plus interest, costs, and fees) stemming from breaches related to MOL’s investment in the Croatian energy firm INA.
No evidence indicates payment has been made as of mid-March 2026, with the decision allowing MOL to pursue asset enforcement in the U.S. if Croatia fails to comply. While the claim references “two American court decisions” in the JANAF context, research shows only one primary U.S. enforcement ruling tied to the broader MOL-Croatia/INA dispute—not directly to JANAF pipeline fees or transit issues—though MOL has separately filed EU antitrust complaints against JANAF in early March 2026 over alleged abusive pricing and refusal to transit certain Russian crude shipments amid overlapping energy tensions.
Via Világgazdaság; Featured image: X/MCC
The post Hungarian Court Rejects Croatian Legal Proceedings Against MOL CEO appeared first on Hungary Today.
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