Days after losing one case Czech state begins second arbitration hearing against bank

Days after losing an international arbitration case taken by the Japanese bank Nomura, the Czech Republic on Monday began a second arbitration hearing against the bank in Paris: it is demanding over 4.5 billion dollars in compensation for costs incurred during the forced administration of the Czech bank IPB. Nomura owned almost 50 percent of IPB, which was sold to another Czech bank soon after its collapse in the year 2000.

On Friday an arbitration court in London ruled the Czech state had failed to protect Nomura's investment in IPB, and it is now seeking over one and a half billion US dollars in compensation. The actual amount Nomura will receive has not yet been decided.