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Czech Finance Minister Orders CEZ as to Carry out External Audit of Sale of Subsidiary to MOL Magyar Olaj- es Gazipari Nyrt-Reuters


Monday, 11 Feb 2013 02:03am EST 

Reuters reported that the Czech finance minister has ordered majority state-owned utility CEZ as to carry out an external audit of the 2008 sale of a subsidiary to Hungarian oil and gas group MOL Magyar Olaj- es Gazipari Nyrt (MOL). The request by the ministry, which manages the state's 70% share in CEZ as, follows media reports which raised questions over the deal to sell I&C Energo. Finance Minister Mr. Miroslav Kalousek had asked chief executive and board chairman Mr. Daniel Benes to set up an external audit to determine whether the sale had been in the best interest of the Company. Mr. Kalousek also asked CEZ as's supervisory board chairman Mr. Martin Roman, who was the utility's chief executive at the time of the deal, to examine the sale's suitability and effectiveness and the action of the management. CEZ sold I&C Energo, a service supplier to power plants, in 2008 following a deal in which CEZ as took a 7% stake in MOL. The Hungarian group then sold I&C Energo in November 2012 to Hungarian group Olajterv, whose Dutch-based subsidiary Yellowraazd is now the sole owner. Czech media had questioned both the initial sale of I&C Energo at that time and its later transfer to Yellowraazd. MOL said it had bought I&C Energo at a time when it wanted to expand into power generation, but it suspended investment into projects last year. 

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