Final Word from Monday, October 7, 2002
Finance Minister Bohuslav Sobotka will take steps soon to replace the Zeman/Klaus era board at Česká konsolidační agentura (ČKA), but not before the board has time to strike a few final deals. ČKA has already approved the sale of Kč 38bn in bad debt to EC Group, and speculation is rife that EC will use the debt-collection process to wash dirty money from past deals. We were told that in the coming days, ČKA will also arbitrarily give an exclusivity to Appian Group until the end of 2002 for negotiating the purchase of ČKA's stake in Škoda Holding. The cabinet could still halt the process, but there's a growing suspicion that Premier Vladimír Špidla doesn't really mind what's happening. ČKA's deals might not be transparent, but they're a way to lure capital back into the country that flowed out under Václav Klaus and Miloš Zeman.