Regulator gives green light to sale of company owning 43,000 flats

The Czech anti-trust authority has given the green light to the sale of the company RPG Byty, which owns over 43,000 apartments in the Moravian Silesian Region. RPG Byty has been bought by a Luxembourg-based company with a Czech-sounding name, Fondy Bydleni 2 S.á r.l. Little is known about the firm and the regulator said it could not discuss it at present because of trade secrecy. RPG Byty acquired the flats from its parent company co-owned by tycoon Zdeněk Bakala, RPG Industries, which bought them from Mr. Bakala’s mining company OKD in 2004. The wealthy entrepreneur has been criticised for reneging on an agreement to sell the flats to occupants.

Author: Ian Willoughby