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BIS suspects companies of financial tampering

Officials at energy, transport giants deny wrongdoing

November 21st, 2007 issue

(Updated Nov. 28, 2007) Czech Counterintelligence Service (BIS) officials and anti-corruption police are investigating four state-owned companies for potential financial statement tampering, according to iHNed.cz news server.

Officials at energy monopoly ČEZ, the Prague Airport, Czech airlines ČSA, and Čepro deny any wrongdoing. Officials at the companies accuse BIS of trying to damage their reputations at a time when the state-owned companies are up for privatization.
In some past privatization sales, economic results were exaggerated, according to BIS spokesman, Jan Šubert. Such results could have consequences during privatization or after the sales are complete, Šubert said. He did not state what concrete evidence the BIS has, but referred to the agency's annual report, which is classified.

The investigation should not affect the sale of the airport or the airline, as potential buyers will carry out their own due diligence before making purchase offers, according to Transportation Minister Aleš Řebíček.


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