Luxembourg's EMV set to sue Czech Rep

A spokesman for the Luxembourg-based company, EMV, has said his firm has prepared an arbitration lawsuit against the Czech Republic, blaming the country for having failed to protect a 45 million dollar investment. EMV was a financial partner in the now-defunct regional television broadcaster TV 3. The company has blamed the Czech Republic's Council for Radio & Television Broadcasting (RRTV) for what it called "unlawful conduct" in a broadcasting licence dispute that saw the licence eventually go to a competitor.

EMV's lawsuit is the second case in which a foreign investor has blamed the Czech Republic for failing to protect foreign investment in the media sector. Two years ago an arbitration court awarded the Bermuda-based company CME 10 billion crowns - the equivalent of 354 million US dollars - for losses incurred when the company was cut out of the market-leading private broadcaster TV Nova.

Author: Jan Velinger