Former Union Banka managers released from custody
The Ostrava state attorney on Friday released from custody four former managers of the bankrupt Union Banka. They have been charged with breach of trust in property administration and granting disadvantageous loans, which stripped the bank of three billion crowns. The state attorney said that the three months custody period had expired and there was no longer reason to fear that they would try to influence witnesses. According to investigators, the bank managers granted risky loans to their friends in the period between 1999 and 2003. If convicted, they face a sentence of up to eight years in prison.