Seznam: IKEM head made millions from usury

According to the news site Seznam, the director of the Institute of Clinical and Experimental Medicine (IKEM) in Prague, Michal Stiborek, made tens of millions of crowns in recent years by lending money at exorbitant interest rates and high contractual penalties. Seznam says that in at least one case, a court found that the interest on late payments was immorally high. Stiborek dismissed the claims as an attempt to discredit him and remove him from the hospital's management. Prime Minister Petr Fiala said he considers the findings serious and is calling for the matter to be clarified as soon as possible.

According to Seznam, the company Glenias House, of which Stiborek is the sole managing director and owner, lent money through Califica, to which it gradually sent at least 54 million crowns. Califica, controlled by Jaroslav Holan, who was convicted in an embezzlement case, subsequently lent money to individuals at an interest rate of 48 percent per year and with contractual penalties of 140,000 crowns per day.