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Slovenian regulator orders Sava Re to dismiss supervisory board chairman

Slovenia'sInsurance Supervision Agency asked Pozavarovalnica Sava dd to call a shareholder meeting inorder to dismiss supervisory board Chairman Branko Tomažic.

The regulatorsaid in August that Tomažic no longer met all the to serve on the supervisoryboard. The meeting must take place within 45 days of receipt of the regulator'sorder, the company said Oct. 7, adding that an appeal can be filed within eightdays.

Tomažicis reportedly subject to personal bankruptcy proceedings launched by in 2013, which makeshim ineligible under Slovenian law to serve as a supervisory board member at aninsurance company, said Oct. 7.

Savaalso said earlier in October that the former head of its management board,Zvonko Ivanušic, suedthe company for unlawful dismissal related to his recall in August. Prior toIvanušic's dismissal, Slovenian media outlets reported that Tomažicunsuccessfully tried to remove him because of irregularities related to thecompany's purchase of an office building.