Liberty selected an organization linked to Kazakhstan as a substitute of billionaire Strnad

After a couple of months, the bankrupt Liberty Ostrava smelters ended the negotiations on financing the operation of the pipe mill and rolling mill with the corporate Vítkovice Equipment Commerce from the CE Industries group of billionaire Jaroslav Strnad. As a substitute, the metal mill surprisingly agreed on financing with Donquixote. This follows from the present report of Liberty’s insolvency administrator.

Donquixote is registered in Poland. An organization with the identical identify was additionally established within the Czech Republic in April this 12 months. In response to info within the business registers, the 2 firms are linked by supervisor Serik Akhmetov, who resides in Kazakhstan. In response to the Polish database of actual enterprise house owners, Akhmetov is the final word proprietor of Donquixote.

Akhmetov is the namesake of the previous Kazakh prime minister, who needed to go away workplace in 2014 attributable to suspicion of financial crime. Nonetheless, the dates of beginning of the previous Kazakh politician and consultant of the Donquixote firm within the Czech business register are completely different.

Donquixote was based in Poland in 2016. Nonetheless, in accordance with info within the Polish business register, Akhmetov joined the corporate solely in April this 12 months. What Donquixote’s capital sources are and the place they arrive from just isn’t but identified.

Liberty’s insolvency administrator has weighed in on how the corporate has introduced negotiations concerning the financing of operations in latest months. “The present scenario doesn’t correspond to this, and it isn’t even clear why Liberty Ostrava, after prolonged negotiations, finally didn’t use the ready provide for tolling financing from Vítkovice Equipment Commerce,” stated Liberty’s insolvency administrator Šimon Peták.

“I need to state that the debtor has not but been capable of current a practical cash-flow plan for his additional actions, regardless of our repeated requests for it. The corporate’s cash-flow administration technique seems to be based mostly on improvisation with none idea and even a short-term rational plan,” the insolvency administrator added.

The Moravia Metal group, which controls Třinecké železárny, can be all for working some components of Liberty. Final week, billionaire Tomáš Chrenko’s holding even negotiated with authorities officers due to this.

Liberty didn’t touch upon the present improvement. The CE Industries group additionally left the occasion with out remark.

We’ve got added extra details about Donquixote.