This is the third article of the Series
Austrian Influence and Strategic Connections
As Agrokor’s financial crisis deepened, the roles of Siegfried Wolf and Alexander Dibelius became more apparent. Siegfried Wolf, a prominent Austrian businessman and former president of Sberbank Europe, played a pivotal role in connecting Ivica Todorić with Sberbank. Known for his deep ties to Russian business circles, Wolf facilitated the bank’s entry into Agrokor’s financial framework, helping secure substantial loans that would later become a focal point of the company’s restructuring.
Siegfried Wolf and the head of Sberbank, Herman Gref
Strategic Advice and Financial Maneuvers
Alexander Dibelius, known for his leadership at Goldman Sachs in Central and Eastern Europe, also had a significant influence during Agrokor’s expansion. Our sources reveal that Dibelius, alongside his associate Thomas Lovse, played a key role in advocating for Agrokor’s acquisition of Mercator. This move, which required Agrokor to finance the purchase internally, added strain to the company’s finances and contributed to its liquidity issues.
Dibelius was not alone in shaping Agrokor’s fate. Figures like Wilhelm Hemetsberger of Ithuba Capital AG and Klaus Requat of TJP Advisory were also involved in advising Agrokor on its financial strategies, further highlighting the role of Austrian financial advisors during this critical period. Their involvement reveals a broader pattern of influence from Vienna, where interests were closely aligned with the restructuring outcomes.
Sberbank’s Exposure and Wolf’s Influence
Sberbank’s deep financial ties to Agrokor, with loans exceeding EUR 1 billion, made it a key player in the unfolding crisis. According to our sources, Wolf’s influence within Sberbank shaped the bank’s decision to continue supporting Agrokor despite the growing financial risks. This decision placed Sberbank in a challenging position as Agrokor’s debt issues came to light.
Wolf’s direct involvement in lobbying for Sberbank’s interests during the restructuring highlights the strategic considerations that influenced the bank’s actions. His advocacy for a balanced settlement, as the Croatian government pushed forward with Lex Agrokor, underscores the complex dynamics between Croatian authorities, Sberbank, and the Austrian financial advisors.
Repercussions for Regional Interests
The collapse of Agrokor exposed the strategic maneuvering of Austrian financiers and their ability to shape outcomes by exploiting the inexperience of Russian stakeholders. Siegfried Wolf, backed by a network of advisors like Alexander Dibelius and Wilhelm Hemetsberger, steered the complex financial dealings of Agrokor’s restructuring, using their expertise to guide Sberbank’s decisions. Despite Sberbank’s significant weight in the Russian economy, its leadership, including Herman Gref, followed the guidance of these Austrian advisors without question, relying heavily on their perceived financial acumen.
This deference to Austrian financial expertise led Sberbank into a high-risk situation, without fully considering the broader geopolitical implications. By positioning themselves as trusted advisors, the Austrian financiers effectively masked the underlying risks, persuading Sberbank to extend substantial loans to Agrokor—exposures that ultimately jeopardized the stability of a key institution within Russia’s banking sector. The lack of strategic foresight and geopolitical awareness among Sberbank’s leadership meant that they overlooked how their actions could undermine Russian national interests, making them vulnerable to a financial crisis that reverberated far beyond Croatia’s borders. The aftermath of this episode highlighted the risks of blind trust in external expertise, particularly when it involves institutions central to national security and economic stability.
Our thanks go to the team at https://AssetTracing.com for their assistance in preparing this investigation.
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