Finance Ministry files suit with arbitration court against CSOB bank

23-07-2007

The Czech Finance Ministry has filed a lawsuit with a Paris-based arbitration court against the Czech bank CSOB. The ministry said in a statement on Monday it is seeking nearly 27 billion crowns (1.3 billion USD) in compensation in connection with the clearance of IPB bank which CSOB took over in June 2000. The Czech IPB bank was one of the country's largest financial institutions in the 1990s. In June 2000 the bank - part owned by Japan's Nomura - was placed under forced administration and later sold off to CSOB bank.