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

Messerschmidt created most of his character heads in Pressburg

Bratislava will name a square after the prominent artist

A replica of one head from the series Character Heads by F. X. Messerschmidt; ownership of the Slovak National Gallery

Christmas Bazaar returns to the Old Market hall

One of the events which presents diplomatic communities residing in Slovakia to the wider public is the already traditional Christmas Bazaar, which focuses on gastronomy and charity.

Christmas Bazaar 2016

Blog: The wanderer returns home

The places you visit, people you befriend, experiences that leave their mark, they all become a part of you.

Go east for real morality, Jean-Marc Barr says Photo

The French American actor/director, who plays in a Slovak co-production film, said during a recent visit to Bratislava that eastern Europe, and other eastern countries still have what America has already and what…

Jean-Marc Barr during IFF Bratislava 2017