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Cassovia to return venture capital

A KOŠICE-based company, Cassovia bic, will return the Sk1.5 billion it received several days ago from the National Agency for the Development of Small and Medium-Sized Enterprises, NADSME, said company representative Ivan Pezlár said.

The company decided to return the money to NADSME, which is under the Economy Ministry’s jurisdiction, in order to prevent suspicions that the money would be misused, the SME daily wrote.

The transfer of the money just one day before the recall of Economy Minister Pavol Rusko raised questions about the transparency of the transaction. According to information at the time, while Rusko knew about the transfer, the NADSME board had not approved it, which is required in such cases.

Rusko argued that Cassovia bic won a legitimate international tender for administration of the venture capital.

"We do not see reasons for doubting the concluded contract but we take the statements of the state officials, who doubt the contract, very seriously," Plézl said.

He added that once the case is investigated, he believes his company will be allowed to continue in its venture capital project.

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

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