Czech anti-corruption police and the Supreme Audit Office (NKÚ) are looking into allegedly suspicious sales of property belonging to the state railways Český dráhy (ČD), the business daily Hospodářské noviny reported on Monday.

The Czech capital Prague was the most expensive city in Central Europe in 2011 to buy residential property with the average price at € 2,500 per square meter, with price levels comparable to Berlin, according to a new study by international consultancy Deloitte. “At the same time, Prague is among the few European cities where the prices of new residential real estate exceed the national average more than twice,” it said.

Now 16 months after Prague 7 called a tender to secure new headquarters for the district’s town hall comes a twist in the case: what had previously been presented as a classic public tender has been recast as mere “market research.” Could it be that the district mayor, Marek Ječmének (Civic Democrats, ODS) is looking to de facto cancel the tender without having to admit the process has failed – yet again?

Following almost a year of speculation as to whether the Czech developer ECM would be declared bankrupt, or given a chance to restructure, the Prague Municipal Court has decided on the latter. Astin Capital, which represents a group of holders of ECM’s Eurobonds with a face value of over Kč 3 billion, has been given 120 days to present a restructuring plan. If it fails, individual creditors including ECM itself will be given a chance.