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J&T under police microscope

Police are investigating the role of the J&T financial group in the asset stripping of wiring producer Drotovna Hlohovec in 1996, in which a suspicious bond issue allegedly cost the firm Sk278 million ($7 million).

The Sk500 million Drotovna bonds were bought by the IRB state bank, which at the time was headed by Jozef Tkáč, father of J&T founder Patrik Tkáč.

Police suspect that the money gained was not invested in Drotovna, as intended, but was passed to two of Drotovna's daughter firms, controlled by J&T, which eventually took control of Drotovna from other shareholders.

J&T has rejected the theory, and has said the investigation will allow the firm to clear its name.

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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