Factual Correction


In an article published by iDnes, on July 24, 2020, entitled: ''Unit-holders of fallen CS Funds will not receive anything, on the contrary, they must return hundreds of millions'' it is asserted in both the title and the text that AKRO is ''returning'' money. That is incorrect: The Kc717m (EUR47m) in penalty interest represents a ''payment'' to the State, not a return of previously received monies. AKRO has contacted iDnes.

AKRO regards the payment of interest, at 8.05 % p.a., for the time compensation previously received by unit-holders was held in their funds, as immoral and perverse. In effect, through demanding this payment, State institutions have rewarded themselves for:

1. Maladministration by State institutions, which led to the theft of Kc1.23bn from the former CS Funds in 1997.

2. Delays in hearing the case. Not only were State institutions (the Courts) slow in hearing the case, they granted an additional 6 month delay which had been requested by the Ministry of Finance.

3. Contradictory and inconsistent judgements by the Czech Courts. Twice at the beginning of proceedings, courts had asserted that AKRO's claim, on behalf of unit-holders, was not time barred.

It is outrageous that a basic tenant of law, The Statute of Limitations, should have been revisited years after compensation have already been received. Unit-holders will also recall, in 2018, at a critical court hearing in relation to the Statute of Limitations, all the State's evidence was admitted to Court while none of AKRO's was admitted, it being deemed by the judge as ''superfluous'' (without even hearing the evidence!).

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 Strabourg due to the Czech State's failure to compensate investors for its maladministration and the lack of a fair trial.

AKRO investiční společnost, a.s. 

Source: https://www.idnes.cz/ekonomika/domaci/cs-fondy-vraceni-stamilionovych-uroku.A200724_090753_ekonomika_fih