Václav Fischer launches arbitration proceedings against Czech state over planes

A company owned by Czech businessman Václav Fischer has launched international arbitration proceedings against the Czech Republic. The Germany-based firm, Aircraftleasing Meier und Fischer (AMF), is demanding CZK 3.1 billion crowns as compensation for two Boeing 737 planes that were seized in 2005 when Mr. Fischer was declared bankrupt. AMF filed notice regarding the dispute with the Ministry of Finance in February, citing an international investment protection treaty. Mr. Fischer was at one time one of the best-known names in the outgoing tourism business in the Czech Republic.

Author: Ian Willoughby