Business

Czech Position suspends publication

Brian Kenety — Tue, 17 Jul 2012 08:31:55 +0000

Czech Position launched in December 2010 with the lofty goal of becoming the world’s daily English-language source for Czech political, business and cultural news, by offering a mix of breaking news reports, feature articles, analysis and investigative reporting. Alas, all good things must come to an end.

Czechs bought three CASA aircraft for price of four, 2005 document shows

Martin Shabu — Mon, 16 Jul 2012 10:38:26 +0000

Vlasta Parkanová (TOP 09) was stripped of her parliamentary immunity last week so that she can be prosecuted for having signed off on a Kč 3.6 billion contract to buy CASA transport planes for the Czech Army when she was defense minister.

Speculators await massive Prague city property sell-off

Kateřina Menzelová — Fri, 13 Jul 2012 12:13:25 +0000

Prague councilors have approved the sale of nearly 3,855 city-owned dwellings — just a few hundred shy of the entire number of apartments sold last year in the Czech capital — for which the city hopes to fetch at least Kč 4 billion. There is talk, however, that speculators will manage to circumvent controls seeking to grant favorable terms only to current tenants.

Why Czech strategic fuel reserve body ‘special accounts’ remain secret

István Léko — Wed, 11 Jul 2012 12:00:34 +0000

The Supreme Audit Office (NKÚ) has said that to comply with the government’s request to check the books of the Administration of State Material Reserves (SSHR) would be futile, even if it had the full capacity to do so.

ČEZ sell-off of coal-fired plant(s) ‘satisfies’ EC, may draw new bidders

Brian Kenety — Wed, 27 Jun 2012 09:59:10 +0000

News that Prague-listed utility ČEZ will sell one or two coal-burning power plants with a capacity of 800–1,000 MW in a bid to end a European Commission probe into suspected anti-competitive behavior — in line with plans to divest from carbon-emitting power generation capacity — has been welcomed by the markets.

Prague 10 politicians resign over Key Investments probe

István Léko — Tue, 26 Jun 2012 09:44:58 +0000

The Czech police’s anti-corruption and financial crimes unit ÚOKFK has been investigating criminal complaints relating to the opaque brokerage Key Investments — into which nearly Kč 1 billion of public funds has apparently been lost or embezzled — for more than a year and a half.

Czech Coal boss breaks media silence, says ČEZ will sell him power plants

Brian Kenety — Thu, 21 Jun 2012 09:40:16 +0000

Czech billionaire Pavel Tykač, the owner of leading lignite miner Czech Coal, said in an interview for the daily Mladá fronta Dnes published Thursday that no other party — including rival Energetický a Průmyslový Holding (EPH) — will outbid him for state-c0ntrolled utility ČEZ’s coal-fired Počerady and Chvaletice plants.

CASA corruption case legal cause célèbre, but unlike Pandur tender

Kateřina Menzelová — Wed, 20 Jun 2012 14:10:38 +0000

Parliament’s immunity and mandate committee took no decision at their session Wednesday on the question of allowing MP Vlasta Parkanová (TOP 09), the former defense minister, to be prosecuted on abuse of office and other charges for her role in the 2009 purchase of CASA transport aircraft, said to have been deliberately overpriced by Kč 658 million.

Golden parachutes at Prague transport firm – business as usual?

Ondřej Koutník — Mon, 18 Jun 2012 11:51:14 +0000

The 29-year-old burly lawyer Michal Prskavec on January 18 this year became head of the legal department of the embattled Prague Transport Company (DPP), which was reeling from allegations of corruption surrounding the departing company director Martin Dvořák.

Czech police seek to charge ex-Defense Minister over CASA deal

Brian Kenety — Thu, 14 Jun 2012 09:21:55 +0000

The Czech anti-corruption and financial crime police unit (ÚOKFK) has asked for Vlasta Parkanová (TOP 09), deputy speaker of the lower house of Parliament, to be stripped of immunity so that she may be prosecuted on abuse of office and other charges for her role in the 2009 purchase of CASA transport aircraft, when she was defense minister.

Slavia football stadium: bankruptcy or another murky buyer?

István Léko — Wed, 13 Jun 2012 12:30:32 +0000

E Side Property, which owns the Eden stadium in Prague, is in trouble — virtually bankrupt and with no money to pay off its debts. It faces insolvency proceedings, bankruptcy or the sale to another investor.In terms of uncovering the murky past of E Side Property, the Czech public would welcome either of the first two scenarios.

Ex-Prague district mayor exits energy group PRE in grand style

Ondřej Koutník — Fri, 08 Jun 2012 10:24:09 +0000

While Prague 5 was compelled to cancel a “disadvantageous” contract with the electricity distribution company Pražská energetika (PRE) signed by the former mayor of the district who went on to become the company’s deputy board chairman, Milan Jančík has been rewarded handsomely for his time in the post.

Brussels rebuffs ‘free’ Czech carbon allowances bid

Chris Johnstone — Fri, 01 Jun 2012 04:58:26 +0000

A series of Czech power companies will not be receiving the “free” emissions allocation they have been counting on after the European Commission rebuffed aspects of the Ministry of Environment’s multi-billion crown bid.

Why are politicians covering up over Key Investments?

István Léko — Wed, 30 May 2012 07:41:05 +0000

When the scandal around dubious Czech financial brokerage Key Investments exploded in January last year anyone who would have maintained that after some 18 months of police investigations the only person to be charged would be former minister of ind

Another warning message for Key Investments’ clients

István Léko — Wed, 30 May 2012 06:02:41 +0000

The Slovak Poštová banka, controlled by the financial group J&T, is buying up the loans of Spolek pro chemickou a hutní výrobu (Spolchemie) from Czech banks. These are short-term loans that financial institutions (Komerční banka, ČSOB, LBBW, Citibank, Raiffeisenbank and ČSOB) provided the chemical plant with.