Czech Corruption Police Investigating Financial Operations at OKD Mining Company

The Czech corruption police investigate the financial management of the OKD black-coal mining company, which was declared insolvent in May and has debts worth billions of crowns, the Czech News Agency has found in the insolvency register. Detectives from the Squad for Uncovering Organised Crime (UOOZ) are looking into suspicious transactions of OKD and the owner of the NWR Holdings B.V., which owns OKD. The police have asked for documentation on OKD financial management, according to OKD insolvency administrator Leo Louda. The Olomouc High State Attorney's Office is supervising the investigation. Louda pointed to the OKD's statements that NWR group forced it to couch for its issued bonds worth 10.5 billion crowns. Then NWR did not prevent OKD from ending up in insolvency. OKD lawyers told Louda that a forensic investigation had started. OKD says in a report sent to the court that the flats and real estate that originally belonged to OKD are now administered by RPG Byty firm controlled by an unknown firm from Luxembourg. Read more.