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Pyramid victims suing ST

A group representing people who lost money in the crash of several pyramid funds this spring is suing monopoly provider Slovak Telecom to recover a controversial Sk5 billion promissory note they claim was issued by ST but is now owned by the Drukos company.

The note stems from a legal dispute between ST and Herold Telemedia over a contract for a yellow pages guide that ST allegedly broke in the early 1990s. The deal provided heavy sanctions for breach of contract, and was used by Herold to declare bankruptcy on ST and have its own bankruptcy trustee, František Eke, issue up to Sk40 billion in promissory notes on the telecom firm.

ST has never recognised the notes or the declared bankruptcy.

Apart from the note owned by Drukos, the bankrupt Horizont fund also allegedly holds a Sk112 billion promissory note on ST which it obtained from financier Jozef Majský.

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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