Failed Zadar project becomes a jackpot for Slovenian businessman as court awards millions

A Slovenian businessman who bought a minority stake in a failed Zadar property project for a reported €12,000 has secured a damages award worth millions of euros from a bank.

Croatia’s High Commercial Court upheld a Zagreb Commercial Court ruling in March 2026, ordering €12.24 million in damages to ARPLANE, a company owned by Andrej Rautner. The claim targets the former Nova Kreditna Banka Maribor, now legally succeeded by Slovenia’s OTP Bank. With statutory interest running from Jan. 1, 2021, the total obligation could rise to about €16 million.

The case concerns the Murvička housing development in Zadar. When the project was launched, its value was estimated at €50 million to €60 million, with initial plans for about 380 apartments. Maribor construction company MTB and the state-owned NKBM signed a letter of intent in 2006 and took over Zadar projekt, while the bank provided an initial loan. The project later ran into difficulties, amid the financial crisis, and Zadar projekt eventually entered bankruptcy.

Rautner’s ARPLANE bought a 19% stake from MTB’s bankruptcy estate in 2013, then increased its holding to 50%, according to the article. The stake had reportedly been offered for about €107,000 before the price was reduced at a repeated auction. Slovenian investigative outlets Necenzurirano.si and Svet24.si examined the case and noted that Rautner became a co-owner only after the project had effectively collapsed.

The bank has not abandoned the legal fight. An appeal for review before Croatia’s Supreme Court is reportedly being prepared, while two proceedings continue in Slovenia. One seeks to halt enforcement of the damages, and the other challenges recognition of the Croatian judgment in Slovenia.

“

Rautner was never a co-owner of Zadar projekt while it was still operating, or while there was at least a theoretical possibility of construction on the land.