Corruption, Tunnels, Lies!!!

Graffiti - Prague subway
Graffiti - Prague subway

CS Energy Fund: "These Units Still Exist, or Have They Been Stolen From Me Like Everything Else?"

In 1997, as a result of maladministration by the Czech State, 60,000 investors in the former CS Funds, including those in CS Energy Fund, lost their entire investment. At AKRO, we realise that represents 60,000 individual stories. This is Vera's story: 

"Good day, I apologise, I have only just now discovered the units of my deceased father, *** ***, Fund identifier ISIN: CZ0008471117, would you be so kind as to tell me whether these units still exist, or if they have been stolen from me like everything else? Thank you very much for everything and have a nice day, and I apologise to the lady on the phone, but today my phone doesn´t work and I can't hear anything, at the same time I've been terminally ill for 30 years and am alive only thanks to doctors and I'm running out of time, I have an income that is lower than the subsistence wage, that is why I ask, thank you very much. Věra ***"

More than 20 years after the fraud, investors in these funds have received neither an apology nor compensation from the Czech State.

In a last attempt to obtain some semblance of justice, AKRO, on behalf of investors in the former CS Funds, recently lodged a complaint at the European Court of Human Rights.

24th July, 2020

Jeremy Monk
Investment Director
AKRO investicni spolecnost, a.s.