January 3, 2018 / 6:01 PM / a year ago

Czech central bank objects to CEFC raising stake in JTFG- source

PRAGUE, Jan 3 (Reuters) - The Czech National Bank has issued an initial decision to reject a request by Chinese investment group CEFC to raise its stake in Czech-based J&T Finance Group to 50 percent from 9.9 percent, a source with knowledge of the process said on Wednesday.

The source confirmed a report on Czech news website www.echo24.cz that the central bank had rejected the request in November in an initial ruling that could be appealed.

CEFC said on its website it continued to seek Czech central bank approval of the deal and believed it had supplied all necessary documents and was ready to provide more information if requested. It did not directly confirm the bank had made an initial negative decision and a spokesman rejected further comment.

A spokeswoman for the Czech central bank declined to comment. The bank only releases final decisions that have taken legal force. A spokeswoman for J&T Finance Group declined to comment. (Reporting by Robert Muller; Writing by Jan Lopatka)

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