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Czech Anti-corruption Police Investigating Four of CEZ as’s Transactions- Dow Jones

Monday, 18 Feb 2013 04:11am EST 

Dow Jones reported that The Czech anti-corruption police are investigating 70% state-owned power company CEZ AS (CEZ) regarding four transactions including the sale of a 50% stake in a German coal miner and other foreign investments, though no charges have been filed, Mr. Ladislav Kriz, a spokesman for CEZ as said Monday (February 18, 2013). Within the past six weeks the police unit had requested information on specific transactions the Company undertook. These inquiries follow several similar requests for information the police made last year, Mr. Kriz said. The transactions the police are reviewing include CEZ as's sale of its 50% stake in Germany's Mibrag to Czech closely-held financial group Energeticky a Prumyslovy Holding (EPH). EPH is seen as a front-runner for the purchase of a power plant that CEZ as is selling this year in a settlement with the European Commission over competition concerns. The police are also reviewing transactions made by CEZ’s subsidiary Skoda Praha Invest for possible violations of public procurement laws; CEZ's investments in Albania; and its contracts for temporary storage of spent nuclear fuel at its Temelin nuclear power plant. CEZ shares opened down 0.2% on the day at CZK 618 ($32.4) in an overall higher market in Prague. 

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1.0 +0.17%
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