Kotva back in the news

The Czech department store Kotva is undergoing renovations at the moment, but the ownership issues have never gone away completely. Cyprus-based Forminster Enterprises is now seeking reparations of nearly CZK 1bn from the Czech state for its failure to honor a treaty with Cyprus on the mutual protection of investments. The Czech Finance Ministry says if no negotiated settlement is reached by April, arbitration proceedings could be held. Hospodarske noviny notes the transfer of shares in Kotva from the Trend fund is considered by many to have been one of the biggest ever examples of tunneling.

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