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Inspection at Slovenská Poisťovňa shows legal violations

The results of an inspection at Slovenská Poisťovňa, the largest Slovak insurance house, initiated by Finance Minister Brigita Schmögnerová, showed gross violations of laws and ineffective handling of the insurance company's finances, Schmögnerová told a news conference on December 8.

At the moment, Poisťovňa's claims towards steelmaker VSŽ Holding amount to 50 million Sk ($1.4 million), while companies close to VSŽ, particularly Ferrimex and ARDS, owe the insurer 450 million Sk ($12.6 million) and 200 million Sk ($5.6 million) respectively. "Slovenská Poisťovňa has also signed contracts on time deposits with Istrobanka at low interest rates," Schmögnerová said, illustrating her point with the example of a 590 million Sk deposit at 5% interest.

The Finance Ministry will submit the results of the inspection to a white collar economic crime unit.

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