Five individuals charged over approval of a Czech Export Bank loan

Czech anti-corruption police have accused five individuals of breach of trust and insider trading over approval of a Czech Export Bank (CEB) loan for a business project in China, the Czech newswire, Ceske Noviny, reported Aug. 4.

“All of the individuals have been accused of breach of trust and insider trading, allegedly inflicting damage of CZK 221 mln to the state,” the High State Attorney’s Office in Prague said in a press release, as cited by the newswire.

The accused face from two to eight years imprisonment, if found guilty.

This is the second case connected to the financing of CEB projects. In May, the High State Attorney’s Office released information on similar accusations of breach of trust and insider trading linked to a bank loan issued for the construction of luxury apartments in Tunisia.

At the time, local media stated that Czech police were checking other CEB-financed projects.

Photo courtesy of Erictorres-2002.