“Since the suspect had an economic education, he must have known that his business plan was unrealistic in advance,” Langmeier said in a criminal complaint available to the E15 daily. According to Langmeier’s calculation, the annual yield on Mičková bonds must have been between 11 and 17.5 percent. For the entire period, Miček’s C2H group was to pay 25 to 62.5 percent of the issued amount at interest.
“It must have been clear to the suspect, sooner or later, that he could never repay the above-mentioned bonds when he invested the funds obtained by issuing the bonds in companies such as Pietro Filipi or Kara Trutnov, ie companies that were not at all or only slightly profitable in the long run, Langmeier argues that Mička was issuing bonds even at a time when he must have known that some of his companies were in trouble.
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Michal Mička insists that he did not do anything illegal. “The bankruptcy was caused by a covid. Before the pandemic came, the companies were in good shape. They had no overdue liabilities, operating in January and February 2020 at historically high numbers. There was no indication that any form of insolvency could occur, ”says the businessman.
This year, insolvency proceedings were initiated against Michal Mička’s companies. The debts of the companies amount to 850 million crowns, of which Mička is personally liable for 250 million.
Recently, Mička no longer issued bonds because his companies did not have audited financial statements and thus could not issue debt securities. Mička started to procure the necessary money through loans through one of its companies C2H Equity, which issued its own bills of exchange to secure it. According to Langmeier, Mička knew that he could never repay this money.
“We stopped selling bonds during last September, when the pandemic situation was not optimistic,” says Mička. He argues that last summer he was actively interested in the possibility of buying the competing brand Blažek, which was also hit by financial problems after the onset of the pandemic. He wanted to develop the whole group even at a time when the clothing segment was already going through a severe crisis.
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