Zetor owner sues Czech Republic for 800 million

The owner of the Brno-based tractor maker Zetor has filed a lawsuit against the Czech Republic demanding compensation of 830 million crowns, or more than 43 million US dollars, for alleged errors in the company’s privatisation. The daily E15 reported on Friday that the lawsuit was filed last week. The owner of Zetor – the Slovak company HTC Holding – bought the tractor producer in 2002 for 310 million crowns, or over 16 million US dollars. The tractor maker soon plunged into the red, and one thirds of its employees were let go. In 2007, however, Zetor registered a profit of 240 million crowns.