ČEZ bosses face charges over settlement with minority shareholders

The Ministry of Finance’s special financial analytical team has prepared criminal charges against the two top figures in state controlled electricity producer ČEZ. Cases have been prepared against general manager Daniel Beneš and his deputy, Martin Novák, the ministry confirmed. The cases relate to the buyout of minority shareholders in the North Moravian regional electricity distribution company. The suspicion is that around 350 million crowns of ČEZ funds was misused in the out of court settlement with the small shareholders, some of whom were represented by the company Associated Energy. ČEZ says the settlement was approved by the board and the deal probably saved it around 700 million crowns.