CSOB sues Czech state for 1.7 billion at arbitration court

The CSOB bank has filed a complaint against the Czech Republic at the International Court of Arbitration in Paris. The bank is suing the Czech state for 1.7 billion crowns (close to 80 million USD), the paper Mlada fronta Dnes writes. According to CSOB, the state owes it that much in transactions that were made in connection with the bank's takeover of another bank - IPB - seven years ago. Neither CSOB nor the Finance Ministry have made further comments to the lawsuit.

Author: Dita Asiedu