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IRB loan trial postponed

A loan fraud trial involving over 20 accused and millions of crowns in issued credits from the former IRB state bank had to be rescheduled for March 2003 after many defendants failed to appear in court.

The loans, many of which were issued in 1992 from the Nitra and Galanta IRB branches, were allegedly secured with property whose worth had been deliberately over-valued.

Bad debt eventually crippled the bank and caused it to be placed under forced administration in 1997. IRB was eventually bought out by the Hungarian OTP bank last year.

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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