Barak Alon's partner, Zvonko Stojevic of Croatia, has filed a lawsuit against KB claiming CZK 18bn (CZK 474 per share) or USD 700m. Note that Barak Alon's company used sham transactions to get CZK 8bn from KB in the 1990s. Stojevic is claiming losses from when KB tried to get back some money that Barak and Stojevic received from the sham transactions. KB's spokeswoman said that the bank has not received the lawsuit yet. The spokeswoman added that Stojevic may have filed the lawsuit for reasons of defence against a lawsuit he faces in Austria. Last year KB filed a lawsuit against Stojevic because of fraud against the bank. At the moment we are not able to assess Stojevic's chance of winning the suit and regard the news as neutral.
Tomáš Gatěk, Patria Finance