Ivica Todoric, the founder of embattled Croatian food company Agrokor, is to be extradited from the UK to face charges in his home country over alleged fraud.

Todoric appeared before London’s Westminster Magistrates Court this morning (23 April) where it was ordered by chief magistrate Emma Arbuthnot that he be extradited to Croatia, Reuters reported, adding that the alleged fraud amounts to around EUR110m (US$134.6m).

He has sevens days to launch an appeal. 

Todoric was arrested in London in November under a European arrest warrant posted by Croatia’s government but was released on bail. However, he had to surrender his passport and make regular visits to a police station under the terms of the bail agreement.

Agrokor was put into state-run administration in April last year after suffering a liquidity and debt crisis. The company has since been rescued from potential bankruptcy after creditors agreed on a draft debt-settlement plan earlier this month, although hurdles still need to be overcome to save the firm.

A government-appointed Extraordinary Administration put in place to ensure the survival of the company secured a three-month extension from a court in Zagreb starting from 6 April designed to give creditors more time to finalise the settlement terms. 

The plan agreed by creditors includes the proposed new corporate structure of the company and its new debt obligations, the settlement of what the Extraordinary Administration calls pre-petition claims and arrangements with suppliers to settle their debt claims. 

The value of “recognised claims” has previously been estimated at HRK41.5bn (US$6.9bn) and the value of “challenged claims” HRK16.5bn.