Foreign investors in IPB file complaint against the Czech Republic
The Dutch company, Saluka Investments along with Nomura Europe - which represents and has financial links to Saluka - have filed a complaint against the Czech Government at the International Court of Human Rights in Strasbourg. The complaint claims that the government violated the European Convention of Human Rights and Freedoms last year when it imposed forced administration on the ailing IPB, and then sold IPB to another Czech bank CSOB. At the time, Saluka Investments had a 46% stake in IPB.
The Czech government says it acted correctly, as IPB was on the brink of collapse, and requires at least 100 billion Czech crowns, or 2.7 billion US dollars, to clear up its bad debts. Dita Asiedu spoke to Randall Dillard of Nomura Europe: