TNBiz (TNBiz)
Markets  |  July 16, 2012 08:23:46

SAO: Czech Export Bank loans illegally released for 8.2 billion crowns


Czech Export Bank (CEB) illegally released loans for 8.2 billion crowns. It results from the control of the Supreme Audit Office (SAO), the Office published the findings on Monday.

The Supreme Audit Office during the inspection of the Czech Export Bank, among other things focused on nine loans in support of the Czech exports 13.2 billion crowns. Over eight billion, according to inspectors at all not to leave CEB accounts, of which loansCEB 4.2 billion for breach of the Law on Banks. In seven of the nine-controlled case, borrowers now have trouble paying. If the defaulting money, loss of the bank would eventually went to the debit of the State.

"Raises doubts as well as a selection of companies that finances received. striking example is the fact that out of 143 billion crowns, which CEB to promote exports from 20,052,011 to more than one hundred applicants, 19.5 billion (ie 13.6%) received only two Company. When the credit verification process during their business cases have repeatedly causing major errors by the CEB. One of these two companies, paid over 40 percent of the loan subcontractors located in one of the so-called tax havens. It is therefore questionable whether this case can still speak on the promotion of Czech exports, "closer to the findings of the SAO spokeswoman Olga Malkova.

CEB in lending decisions by SAO not only violates the precautionary principle as required by the Act on Banks, but also its own internal regulations. "Witness the fact that the supervisory board of the Bank get on the table of important materials, which had to decide," warned University.

The inspectors focused on the Ministry of Finance, which is crucial in CEB shareholder. Also found in him a serious error. "Resort of Finance in 2010, for example, borrowed CEB 1.7 billion crowns but it was the money that was intended to cover the state budget deficit, rather than loans," said the spokesperson of the SAO.

"Problematic issues in providing some loans CEB was one of the main reasons why the Minister of Finance in early 2011 proceeded to personnel changes in the Bank's management. new leadership was tasked to investigate the matter, to streamline the approval system of creditsand transparency, "responded to the conclusions SAO spokesman Ondrej Jakob Treasury.

In the case of the Ministry of Finance according to Jakob SAO findings apply only to administrative and technical issues that had impact on public budgets. "The loan was provided for the CEB at the turn of 2009/2010 as Fischer's government and was here to post on a different item than it should be, in the opinion of the SAO. With regard to the registration of the shares to which the Ministry could not manage, it was a temporary solution because other departments (shareholders CEB) had at the time an account with the Central Securities Depository. Currently, CEB shares are already posted to individual accounts of the relevant ministries at the CSD, "said Jacob, with the next formal complaints to the Ministry of Finance has conducted corrective action.

Filip Sušanka,

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