BUSINESS BRIEFS

Watchdog claims SPP broke laws

THE SUPREME Audit Office has said that management at the SPP gas utility under both the 1994-1998 Mečiar government and the 1998-2002 Dzurinda government broke laws and used state resources unwisely.

The state-funded watchdog said the management teams of Ján Ducký (1996-1998) and Pavol Kinčeš (1999-2001) had violated laws on privatisation, tax, accounting, advertising and state companies. The Office did not, however, identify which management team had committed which offences.

Ducký was murdered in January 1999 after it was discovered SPP under his watch had issued billions of crowns in fraudulent promissory notes. Kinčeš was fired in July 2001 after it was discovered he and other top SPP officers had obtained flats in Bratislava from the company at knock-down prices.

A minority share in SPP was sold to a consortium of investors earlier this year for $2.7 billion.

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