TNBiz (TNBiz)
Business  |  August 22, 2012 11:05:06

BBC NEWS: PPF Group wrote off due to disputes with the entrepreneur Ledeckým five hundred million


PRAGUE (MEDIAFAX) - Due to a dispute with businessman Igor Ledeckým wrote Petr Kellner's PPF Group's investment in the amount of five hundred million crowns. According to Wednesday's Týden.cz Server information from the former allies became enemies, who now lead the litigation in several states.

PPF in its annual report explains that she got into a hard conflict with minority partner for promoting ownership and managerial control over the five Russian real estate projects (Agriko, Agriko Plus, Eastfield Kazan, In Vino, Vino In Natukhaevskoe and KLP). "This is a dispute with Mr. Ledeckým," said Director of Communications PPF Milan Tomanek.

Although PPF holds a majority stake in projects, but management was entrusted to just Ledecký."Recently, the group found that some projects were accepted and implemented some steps transaction that would, under the circumstances could be considered harmful to the investment plans of the group," said PPF annual report, adding that despite the efforts of PPF some directors and persons appointed minority partner in the real estate projects that have been removed from their positions, still refusing to cooperate in the transfer of management powers.

PPF Group therefore does not have access to the records and business information, and therefore does not have effective control over the projects. PPF therefore decreased investment value for five Russian real estate projects to zero. "Even if the fair value of assets according to internal valuation is 520 million. In 2010, the fair value of investment property in the consolidated financial statements 842.5 billion crowns," says the annual report.

PPF Real Estate Holding of the PPF therefore already in May sued the group Eastfield Capital, behind which stands just Ledecký. The action filed by Celestial Group Holdings on structures and managers Eastfield including Igor Ledecký. "The dispute against a partner in a joint venture takes place in the various jurisdictions where the assets, including the Slovak Republic," adds Tomanek. According to earlier reports, it was the relief sought by the amount of $ 13 million (260 million), which are quantified damages.

Litigation thus ending the partnership and Ledecký Kellner, who had in the past, according to the Slovak media in charge of Kellner's investment in Russia.

Among Ledeckým and Kellner is also one more controversy. Kellner he had had to borrow money when the crisis had Ledecký trouble. Debts Ledecký but allegedly not paid and is therefore sold Kellner law firm BBH."Given the size of the activities of Mr. Kellner's not the case and there was things that he wanted to devote himself. Offered us why these claims, we as lawyers do what we can," he said in March for the Slovak weekly Trend Otruba Thomas, partner BBH .

Lawyers in March reported that they have to Ledecký group receivables of $ 18.5 million (367 million) and 1.85 million euros (46 million dollars).

Jan Soukup, soukupj@mediafax.cz

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