Spectator on facebook

Spectator on facebook

IN SHORT

Investigation into fraud of decade concluded

THE ANTI-Corruption office concluded its investigation into the collapse of unlicensed deposit companies Horizont Slovakia and BMG Invest, Interior Minister Vladimír Palko announced April 15, the SITA news agency wrote.

Four representatives of these companies will be prosecuted in the case, including Vladimír Fruni and Marián Šebeščák.

"If the court finds them guilty they could be sentenced from five to 12 years in prison," said Palko.

Since starting their operation in the mid-1990s the two companies signed more than 856,000 contracts with clients and their deposits reached Sk62.8 billion (€1.7 billion).

The companies mostly used new received deposits to settle mature principals, interests or shares in profit. They paid out over Sk53 billion (€1.3 billion) to clients but after the companies went bankrupt in 2002 almost 170,000 clients lost aly and the police calculated the damages to Sk14.5 billion (€370,000).

The companies attracted clients by promising unrealistically high yields of up to 58 percent of the deposited sums.

Top stories

Slovak scientist in the US: Slovak science needs more than just money to thrive

It seems as if we do not want skilled scientists to return home, says Dominika Truban, who founded a platform connecting Slovak researchers abroad and at home.

Dominika Truban

The Education Ministry to restore the analytical institute

The institute that is part of the Value for Money initiative was merged with another body at the beginning of the year.

Education Minister Martina Lubyová

New web app shows property owned by politicians

The aim is to clearly show publicly accessible information about public officials that is scattered through various state websites and registers.

Zsolt Simon

Blog: Helping others helps your company too

Tatiana Čaplová, Program Coordinator for CSR at the Pontis Foundation, offers a very interesting look behind the scenes of the most successful CSR event in Slovakia - Naše Mesto (Our City).

Bratislava