Orco Property Group (OPG), owned by the Czech billionaire Radovan Vítek, will get more money from the bankrupt Hagibor Office Building company than was expected. The headquarters of the Radio Free Europe was returned to the SPV that was established by OPG. Hagibor Office Building filed for bankruptcy in February 2015, and Orco could get CZK 171m from its assets, writes Hospodářské noviny.
Hagibor Office Building sold the RFE headquarters in 2012 for CZK 1.697bn to L88 Investments Prague. L88 paid only $78.9m in cash, with the remaining $12m in non-negotiable bills, which the US-based company never refunded. Hagibor Office Building eventually withdrew from the sale contract and the RFE building was returned to its ownership.
