The supervisors reviewed a document presented by the head of the auditing commission, establishing "inappropriate management of the investment". They cited "failure to exercise due oversight of the main contractor's solvency and timely monitoring of the quality of the implementation".

The supervisors moreover found that the above "jeopardised the project" and that ELES had overpaid for the work done in the amount EUR 5.2m and failed to secure "appropriate insurance policies". "As a result the supervisory board concluded that Milan Jevšenak is no longer fit to run the business".

Eles halted work on the construction of the 2x400kV power lines in early January because the main contractor Dalekovod Zagreb failed to honour its obligations under the EUR 28.3m contract.

Unaudited figures released by the company show that Eles operated at a record profit, revenue and capital expenditure last year. Net sales revenue rose by 13% on 2011 to EUR 185m and pre-tax profit was up 61% to EUR 54.4m.

The company spent EUR 67.9m on investments, 81% more than the year before. Eles also paid EUR 20m in dividends into the national budget.