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VSŽ share sale case reopened

The attorney general's office has ordered that an insider trading case involving the murky sale of a 21 per cent stake in the VSŽ steel-maker in December 2001 be reopened, and that the investigation be continued.

In the controversial sale, three corporate raider firms bought the state stake for a price well below market value after the time, only days after former economy minister Ľubomír Harach said the sale would not be permitted.

Following the scandal, officials from US Steel Košice, which had also been interested in buying the shares, decried what they termed corruption and lack of transparency.

The shares are now under the control of Penta Group, with US Steel having relinquished its VSŽ interests.

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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