Two CKA executive board members sacked over missing millions

Cabinet has removed two executive board members of the state bail-out agency, Ceska Konsolidacni Agentura (CKA), from their posts. The dismissal has come in reaction to a recent CKA financial scandal in which half a billion crowns (close to 21 million US dollars) disappeared from the accounts of the company's subsidiary IMOB. The money was secretly transferred to a Swiss bank by IMOB director Jan Sik.

Mr Sik has been relieved of all posts and is under investigation for fraud and embezzlement. The IMOB supervisory board chairman has also resigned, though stressing he knew nothing of Mr Sik's plans. The two CKA executive board members have been dismissed for failing to prevent the transaction.