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Another BMG fund victim dies

A 33-year-old man burned himself to death yesterday outside a branch of the crashed BMG Invest deposit fund in western Slovakia’s Piešťany, telling police he had lost all he owned in the February 2002 bankruptcy of the fund.

Police estimate that 170,000 people around Slovakia had collectively over Sk16 billion tied up in BMG Invest, which was apparently allowed to continue functioning months after politicians received warnings from the secret service of mismanagement and fraud.

Two co-owners of the fund are now in jail in Slovakia after being extradited from Croatia, where they had fled to avoid arrest warrants.

Compiled by Tom Nicholson from press reports.
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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