In Business News this week: Hyundai says the construction of its car-making plant in Moravia will go ahead despite the conviction of its chief executive on fraud charges; the privatisation of Prague airport should attract up to three billion US dollars in investment; and the Czech Republic recorded a record trade surplus in 2006.
Hyundai says Moravia car plant will go ahead despite conviction of CEO
As we reported earlier in the week, South Korean car manufacturer Hyundai has insisted that it will go ahead with the planned construction of a new plant in the Czech Republic despite the fact that its chief executive has been sentenced to three years in jail for fraud. Speculation had been mounting in the South Korean press that the conviction of chairman Chung Mong-koo on charges of embezzlement would delay the building of its one-billion-US-dollar assembly plant in the Moravian town of Nosovice. A spokesman for the Czech company has refuted the claims, however, and insisted that a ceremony to mark the commencement of work on the facility would go ahead as planned in April. He did add, however, that it was unclear whether the company chairman would be attending the event.
Czech dairy company denies its products are unsafe
Privatisation of Prague airport attracts major players
Czech Republic records record trade surplus in 2006
The Czech Republic recorded a record trade surplus in 2006 according to the Czech Statistical Office. It says the country posted a surplus of 47.3 billion Czech crowns or 2.1 billion US dollars. Strong sales of cars and transport equipment helped the country beat its previous record by 8.7 billion crowns (11.3 million US Dollars). The Czech Republic's positive trade balance grew with most of its EU partners, but it also recorded increased deficits with China, Japan, Russia and Taiwan.
Suspect in CKA embezzlement case disappears
A Czech businessman who is a key suspect in a case involving the loss of half a billion Czech crowns at the Ceska konsolidacni agentura (Czech Consolidation Agency) has apparently disappeared according to the Internet news server Aktualne.cz. Entrepreneur Milos Skorepa was suspected of having half a billion crowns or 23 million US dollars illegally transferred to his account from a subsidiary of the state-run bail out agency.According to the server, Mr Skorepka left the country before the police could file charges against him.