The anti-corruption police has proposed charging six people with breach of trust in connection with a number of dubious loans granted by the Czech Export Bank in the years between 2009 and 2011. According to a police spokesman the loans were for exports to China and Tunisia and the losses have been estimated at over half a billion crowns. The government, which is a majority shareholder, has already moved to bring the bank under greater supervision.
The Czech Export Bank has renewed loans for exports to Russia, which were suspended last December, due to the market situation in the country. According to the bank’s CEO Jan Bureš the bank board decided to renew loans after the Russian ruble stopped weakening in January and is likewise taking measures to minimize its losses in the country.
In Business News this week: Czech Export Bank renews euro loans for exports to Russia; Tatra Trucks sign memorandum for supply of parts to India; President set to become first owner of new-generation Škoda Superb; breweries Radegast and Krušovice win UK’s International Brewing Awards; and spirits producer Rudolf Jelínek to enlarge orchards in Chile.
Anti-corruption police have charged five officials from the country’s Export Bank in connection with a dubious loan for a business project in China which reportedly caused damage to the tune of 221 million crowns. The officials in question have been charged with breach of trust and insider trading for which they could be sentenced from two to eight years in prison.
Although the idea was rejected by new Slovák President Andrej Kiska on his visit to Prague in June, the export banks of both countries have not given up plans to revive the Made in Czechoslovakia designation. The deciding factor is the former Czechoslovakia’s good reputation, but not all agree bringing back the name is a good thing, for obvious reasons: the Czech Republic and Slovakia have been separate countries since 1993.
The Czech Republic’s Export Bank and Slovakia’s Eximbank on Tuesday signed an agreement on cooperation in supporting joint Czech and Slovak business ventures abroad. The agreement aims to tap the potential of the now defunct label Made in Czechoslovakia without actually reviving it and to increase the competitiveness of Czech and Slovak firms simply through their joint presence on foreign markets. I spoke to the CEO of the Czech Export Bank Karel Bureš shortly after the signing ceremony in Bratislava.
The Czech Republic’s Export Bank and Slovakia’s Eximbank are to sign an agreement on cooperation in supporting joint Czech and Slovak business ventures abroad. The agreement, which is to be signed in the Slovak capital Bratislava on Tuesday, aims to bolster the two countries’ positions particularly on markets in the Far East where the now defunct label Made in Czechoslovakia still has a high brand awareness. The head of the Czech Export Bank Karel Bureš told the daily Mladá fronta Dnes that the agreement did not envisage the revival of the Made in Czechoslovakia label, an idea that was recently rejected by the Slovak president, but merely intended to support the two countries’ joint presence in business ventures and thereby increase their competitiveness.