Police push ahead with investigation of dubious Export Bank loans

13-06-2019

Officers from the country’s National Centre for Combatting Organized Crime have proposed filing criminal charges against a former employee of the Czech Export Bank who is believed to be responsible for two suspect loans afforded to companies between 2007 and 2010 which resulted in damages to the tune of 1.5 billion crowns. If charged and convicted the man could face up to eight years in jail for abuse of position.

The Czech Export Bank and its mother company, the Export Insurance Company EGAP are still dealing with the effects of big losses incurred between 2007 and 2011 due to a number of dubious contracts, some of which are still under investigation.

One of the most highly-publicized cases was a series of loans to the tune of hundreds of millions of crowns afforded to Chinese companies for which five former managers have been charged.