The Czech National Bank is due to rule on an appeal of its refusal to give the green light to a takeover bid by the Chinese company CEFC of J&T Banka and two other related companies. Echo24.cz reports that the Czech bank regulator rejected the move in November, citing a lack of clarity over the source of CEFC’s money. The investment had already approved by several other central banks, including those in Slovakia, Croatia, Russia Barbados, and by the European Central Bank. Echo24.cz, which notes that CEFC has been courted by the Czech president Miloš Zeman, is also vying with Penta Investments for control of CME, the company that owns the influential Nova television station.
The Czech National Bank has questioned the origin of €728m of the €980m it planned to use to win a 50 percent share in the companies. CEFC appealed the refusal, providing what it believes to be sufficient clarifications. “We gave the Czech National Bank all the requested information by December 31st 2017 and I believe we will get the consent,“ said CEFC’s European Director, Jaroslav Tvrdík.
