Prague Pivovary Lobkowicz Group (PLG) is suing almost 21 million euros (approximately 566 million CZK) from the British investment group Chayton Capital. According to the E15.cz server, which informed about the case on Wednesday, the breweries were responsible for the company Renergy, which did not pay the debt to the Chayton group. The Czech brewing group is controlled by the Chinese company CITIC Europe Holdings. She claims that the guarantees were issued in 2012 by the then director of PLG, Zdeněk Radil, in violation of the law.
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The lawsuit against Pivovary Lobkowicz Group and its subsidiary was filed with the Regional Court in Prague by the British Chayton Capital through the company Chayton Sava. “This is a performance in connection with PLG’s investment in Poland,” Jaromír Peklo, director of Chayton Capital, told E15.cz.
According to the server, it was an investment in the Polish Fuhrmann brewery, which was managed by the former head of PLG Radil. It was to be implemented through the Renergy company, which was guaranteed by PLG and its breweries. However, Renergy did not return the money to Chayton Capital, although a court ordered it a year ago. British investors therefore turned to PLG as guarantor.
According to the current owner of the brewing group, the Chinese company CITIC, this is not a classic business dispute. “In our opinion, this is a criminal offense of fraud and breach of duty in the management of third-party assets,” said E15 Director of Public Relations at CITIC Europe Holding, Silvie Špryňarová.
“The alleged guarantees issued for PLG by Mr. Zdeněk Radil, who is hiding from justice today, were issued in violation of the law in 2012,” the spokeswoman added. CITIC also points out that the guarantees were not recorded in PLG’s accounts, even at the time when the shares were traded on the Prague Stock Exchange.
In addition to the Czech judiciary, the dispute between Chayton Capital and PLG is also resolved by the courts in Poland and Cyprus. According to Špryňarová, the Chayton group filed ten complaints with Polish courts. “To date, eight of them have been decided by the Polish courts in favor of PLG and rejected,” Špryňarová told the E15.cz server. According to Hell, however, it was only a formal decision, which did not concern the nature of the dispute.
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The PLG group consists of breweries in Protivín, Uherský Brod, Jihlava, Hlinsko, Klášter nad Jizerou, Vysoké Chlumec and Montenegro. The main brands include Lobkowicz, Rychtář, Klášter, Platan, Ježek, Montenegro and Uherský Brod. In 2018, PLG fell to a loss of 455.1 million crowns after a previous profit of 81.3 million crowns from 2017. PLG’s annual exhibitions are around 1.3 million hectoliters, the group states on its website.
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