An Austrian court sent B.C.L Trading into bankruptcy proceedings, the local MFDnes newspaper reports today. Note that B.C.L Trading should pay EUR 7m to Komercni banka - based on a court ruling - as it caused a loss of as much as CZK 8bn to KB in 1996-99 due to fraud. As it has been, however, very likely that such a payment would never materialize, the news is neutral. It is also very unlikely that KB will collect a significant portion of the total amount of CZK 8bn.
Jan Hájek