Ivica Todorić

After a Zagreb court ruled on Tuesday that that former owner of the indebted food giant Agrokor, Ivica Todoric, can be released after paying one million euros in bail, Todoric announced on Wednesday that he would run for elections, win power and turn Croatia in the right direction.

Zagreb County Court spokesperson Kresimir Devcic said on Tuesday that the court has decided that former Agrokor owner Ivica Todoric can be given a conditional release from pre-trial custody after the investigating judge received confirmation that one million euros in bail has been paid.

Zagreb County Court spokesman Kresimir Devcic said the court had decided that former Agrokor boss Ivica Todoric can avoid pre-trial jail by paying a hefty bail sum.

"The judges have altered the decision of the investigating judge regarding bail. They believe that, with appropriate precautions in place, bail can serve the same purpose as investigative detention," Devcic said.

Former Economy Minister and Deputy Prime Minister Martina Dalic launched her new book 'The Collapse of Crony Capitalism' on Monday, insisting there was no corrupt conspiracy involved in the government's efforts to save Croatia's heavily indebted food and retail company Agrokor.

Croatian tycoon and former owner of indebted food giant Agrokor, will be extradited to Croatia after Judge Duncan Ouseley in London's High Court handed down his verdict on Thursday, making the first-instance verdict final.

London's Westminster Magistrates Court on Monday ruled that there are no legal obstacles for Ivica Todoric, owner of indebted food and retail company Agrokor, to be extradited to Croatia.

Media reported on Monday that, under UK law, Todoric's lawyers had failed to prove that he was a victim of political persecution in his home country.

More than eight months after the Croatian state took control of the hugely indebted Agrokor company, the management has decided to transform debts owed to creditors into ownership of the company.

The Croatian Interior Ministry confirmed Tuesday that police had received information that Ivica Todoric, owner and founder of Croatian giant Agrokor, turned himself in to London police on Tuesday morning.

As a Croatian investigative parliamentary committee prepares to hear the first testimonies on how the country's biggest private company, Agrokor, was created, many irregularities from the privatisation processes of the 1990s are expected to be revealed.

A former executive from the ailing Croatian conglomerate Agrokor, Mislav Galic, was questioned at the state attorney's office in Zagreb on Tuesday and presented a document which allegedly shows how all the major financial decisions were made by company's owner and founder Ivica Todoric.