Ott was speaking to the press in Zagreb a day after meeting Croatian Deputy Prime Minister Petar Cobankovic, saying they discussed the next steps to be taken regarding Suncani Hvar in accordance with an agreement signed in mid-March by Orco and the Croatian Privatisation Fund (HFP), the two biggest shareholders in the company.

One of the steps is resuming talks with the island town and the Church about outstanding property rights issues.

Ott said he was satisfied with the agreement with the HFP, adding Suncani Hvar and its business were important for Hvar and Croatian tourism.

The agreement envisages solving the company's financial problems in part by reducing and simultaneously increasing equity, if shareholders agree on that at a general assembly scheduled for April 29, and in part by rescheduling the company's bank debt.

Ott said banks were willing to roll over the debt, especially the PBZ, and that he expected such a solution to be reached with them in the next 10-20 days.

Reporters were also told that the formation of an independent team that would deal with past Orco-HFP disputes was being finalised.

Speaking of the Croatian hotel business, notably on an island such as Hvar, Ott said the tourist season was too short compared, for example, to the French Riviera, where it lasts 300 days. He added other shortcomings were the lack of airports on islands and the seasonal ferry timetable, voicing hope that the local and state governments would find a solution.

This was Ott's first visit to Croatia after being interviewed by the Croatian police in January. He said the investigation confirmed that neither he nor Orco had done anything wrong in Croatia, adding that he did not know at which stage the investigation was now, only that it was launched following an anonymous report.