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Senior highway company officials fined for taking out insurance contracts

Two senior officials of the state-run National Highway Company (NDS), Milan Gajdoš and Daniel Mak, have been fined one year's salary. The Parliamentary Committee on Conflicts of Interest unanimously approved the fine of twelve times their monthly salary on May 23, the SITA newswire wrote.

Two senior officials of the state-run National Highway Company (NDS), Milan Gajdoš and Daniel Mak, have been fined one year's salary. The Parliamentary Committee on Conflicts of Interest unanimously approved the fine of twelve times their monthly salary on May 23, the SITA newswire wrote.

In June 2012, the NDS' senior management agreed to take out 3-year directors' liability insurance policy costing €1 million. The policy was paid for using taxpayer funds, which the MPs decided was inappropriate.

“The most absurd aspect of the contract is that if we fine them, the fine becomes an insurance event and the insurance company will pay it for them,” committee chairman Miroslav Beblavý (SDKU) said in February.

Beblavý said the committee's decision was a positive move as it was its first-ever resolution on such a matter. Beblavý pointed out that another state-run company, Vodohospodárska Výstavba, recently insured itself and its managers with the same insurance company as NDS. However, the insurance policies covering the directors are paid for from the salaries of the managers concerned.

Source: SITA

Compiled by Jana Liptáková from press reports
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