Championing CEZ insiders
2005-07-22
France is trying to save Danone from the Yanks, the U.S. is trying
to save Unocal from the Chinese, and the CR is turning ČEZ into
its own national champion. The latest pro-ČEZ step was the
nomination of Deputy Industry Minister Martin Pecina - a ČEZ
supervisory-board member - to run the antitrust office. That
office already looked the other way when ČEZ paid a low price
for regional distributors and reversed itself on an order for ČEZ
to sell one of the distributors. ČEZ also got away with signing a
long-term coal deal with Severočeské doly before a decision was
made to let ČEZ set its own price for buying the coal mines. And
the SEC did nothing when a ČEZ insider bought shares a day
before the utility announced market-moving results. Then there
are the stock options and emissions vouchers. When will all this
national championing start to pay off for regular Czechs?
[Czech Republic energy distribution electricity production United
States China competition monopoly]
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