US lawyer demands Czech Finance Ministry to reveal documents on old unpaid bonds

The US lawyer Ed Fagan has demanded that documents concerning unpaid bonds issued by the town of Karlovy Vary back in 1924 be made public. Mr Fagan said on Tuesday he wanted the Czech Finance Ministry to confirm the securities were still valid and prove the state had settled up with the bond holders. The Finance Ministry earlier rejected a 500-million-dollar claim for the unpaid bonds dating back to 1924 which were sold in the United States. Individual claimants, represented by Mr Fagan, have not been identified. The Czech Finance Ministry which had been studying the case said the claims had been statute barred for years. According to available information the Czechoslovak authorities negotiated with the bond holders in 1984 and the two sides signed a memorandum the contents of which have not been disclosed. Mr Fagan indicated on Tuesday he had similar securities issued by the capital Prague.