Correction: iDnes Article
AKRO investiční společnost, a.s. notes that iDnes have changed the title of their article, originally entitled: "Shareholders of fallen CS Funds will not receive anything, on the contrary, they must return hundreds of millions", to "Shareholders of fallen CS Funds will not receive anything, on the contrary they have to pay hundreds of millions".
This title better reflects the [somewhat perverse] application of Czech law that has resulted in damaged unit-holders in the former CS Funds being asked to pay penalty interest to the Czech State. Perverse because it was the maladministration of the Czech State in 1997 that facilitated the theft of Kc 1.2bn from the former CS Funds.
We thank iDnes for this correction.
AKRO plans to appeal to the Supreme Court against the Payment of Interest.
Separately, AKRO, on behalf of unit-holders in the former CS Funds, has lodged a complaint to the European Court of Human Rights in Strasbourg due to the Czech State's failure to compensate investors for its maladministration and the lack of a fair trial.