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VÚB ex-managers charged with tunnelling the bank

IN THE FIRST case of its kind in the history of Slovakia, ten people, including some high standing managers, were charged with tunnelling VÚB, one of the country's biggest banks.

Those charged include the former head of the bank, Ladislav Vaškovič, who is now the governor of state-owned Eximbanka. According to police, the group, which also includes a current member of the bank's supervisory board, Bohuslav Šolta, caused damages worth Sk2.21 billion (€52.6 million) between 1997 and 2000 before the bank was privatised and sold to the Italian firm Intessa BCI.

According to the Slovak daily Pravda, Šolta submitted his resignation but he as well as Vaškovič rejected the charges.

The tunnelling was done via a firm called Konzult Real. Some of the bank's top managers were also members of the Konzult Real leadership, and VÚB repeatedly provided the firm with huge loans even when it was clear that the company would not be able to pay the money back

Compiled by Martina Pisárová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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