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Cassovia returns money but contract still valid

A KOSICE-based firm, Cassovia bic, returned Sk1.5 billion (€39.2 million) in venture capital to the state. However, the contract between Cassovia and the National Agency for the Development of Small- and Medium-sized Businesses (NADSME) is still valid, the Pravda daily wrote.

Based on the contract, Cassovia is entitled to administer the fund as part of a venture capital project from December 2005 until the end of 2010.

Finance Minister Ivan Mikloš, in his role as temporary economy minister, considers the contract to be “disadvantageous” to the state and demands its cancellation.

It is unclear whether Cassovia will agree to the contract’s cancellation. If it does not, Mikloš said he would try the case in court.

The transfer of Sk1.5 billion to Cassovia bic just one day before a crucial meeting between coalition parties about former economy minister Pavol Rusko contributed to Rusko’s removal from the cabinet. The NADSME board did not approve the transfer, as is usual in such cases. Rusko, apparently, knew of the transfer.

Compiled by Martina Jurinová from press reports
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