Czech property magnate Radovan Vítek is one step closer to liquidating Orco Property Group (OPG). He dismissed Jean Francois Ott as OPG president and head of Orco Germany, though Ott will stay on as Chairman of the Board at OPG. At the same time, Vítek named Orco board member Tomáš Salajka the new head of OPG and tapped CPI’s acquisition director, Martin Němeček, to lead Orco Germany. Vítek wants to gradually offload OPG assets and withdraw OPG from the stock exchange. CPI’s CEO Zdeněk Havelka told Hospodářské noviny that this does not apply to Orco Germany. “This is a liquidation, not a bankruptcy,” Havelka told the daily Hospodářské noviny. “The proceeds from the sale will be distributed among the shareholders.”
Vítek plans to invest up to CZK 2.7bn into Orco Germany, allegedly the only revenue-producing part of the group.
