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Financiers entered the NCHZ

Well-known Slovak financier Mário Hoffmann might get back the millions that he had invested into the Novácke Chemické Závody (NCHZ) chemical plant. After the company had to pay a fine from Brussels and go through the biggest bankruptcy proceeding in the history of independent Slovakia, Hoffmann, together with J&T financial group, allegedly got some shares in the company, the Hospodárske Noviny daily reported on October 8.

Well-known Slovak financier Mário Hoffmann might get back the millions that he had invested into the Novácke Chemické Závody (NCHZ) chemical plant. After the company had to pay a fine from Brussels and go through the biggest bankruptcy proceeding in the history of independent Slovakia, Hoffmann, together with J&T financial group, allegedly got some shares in the company, the Hospodárske Noviny daily reported on October 8.

NCHZ, which currently employs about 1,400 people, ran into financial problems after it had to pay a €20 million fine for signing a cartel agreement in 2009. The then management subsequently announced the bankruptcy and opened initiated a public competition to look for a new owner.

Alhough the tender was won by company Via Chem Slovakia, which became its official owner on August 1, 2012, in the same month the firm sold the shares to Energochemica SE holding. The shareholders in this firm are also Poštová Banka, owned by Hoffmann’s Istrokapitál as well as J&T, Hospodárske Noviny wrote.

“Poštová Banka owns the shares at 3.33 percent in the Energochemica SE holding,” said spokesperson for the bank, Eva Sagálová, as quoted by the daily.

The bank is also one of the creditors of NCHZ, which owes it about €15 million.

Source: Hospodárske Noviny

Compiled by Radka Minarechová from press reports

The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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