Posted by on 7 Nov 2012. Filed under Business, Current Affairs, Top news. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Questions Raised in Sale of Slovglass Glassworks

Daily Hospodarske Noviny draws attention to some dubious circumstances surrounding the acquisition of bankrupt glassworks Slovglass in Poltar, Central Slovakia.

Illustrative photo

The company that won the tender, Convey a.s., acquired the glassworks for EUR 910,000, just EUR 10,000 less than its nearest rival, the company AHG from Germany, which had submitted its bid three days earlier.  This was all the more suspect as Convey put in its bid on the last possible day.

The daily also claims that the company is already trying to sell the company on to the losing bidder at a much higher price and that it has applied for investment stimuli worth EUR 11 million. The company is reportedly linked to affluent businessman Vladimir Poor, who is long suspected of being one of the main sponsors of Robert Fico’s governing Smer-SD party.

Neither Convey nor AHG Industry wish to comment on the allegations that the company is being offered for sale just one month after the tender, but an unnamed source told Hospodarske Noviny that Convey had requested a price several hundred thousand over the price it offered for the glassworks, but which it has not yet even settled.

On the subject of stimuli, the daily informs that Convey has requested EUR 11 million  in tax relief and other stimuli, having already lodged a request with the Ministry of Economy. The money saved should then be used to get the operation off the ground and regenerate the 400 jobs that were lost at the plant.

So now the request for investment aid will be passed to the stand-alone government of the Smer-SD party, which should give the thumbs up to the stimuli, or not.

6 Comments for “Questions Raised in Sale of Slovglass Glassworks”

  1. jaroslav

    now I understand why Fico was so keen on saving this company. 15% commission to people around smer on 11 mln + profit on the deal that is upcoming. not bad for politicians (read businessmen)

  2. Ric

    I feel sorry for the workers, it cant be nice having your future at stake like this.

    If the Germany company factored similar aid into the bid they are now being offered a deal that is less attractive. IMO It would have been better to secure the aid before the auction.

    It’s not unique to Slovakia but the Phoenix Four hid their true intentions for a while.

  3. Another slip in down the transparency index on the cards!!!!

  4. George M

    But all done `within the Law` ….I expect ???

  5. Dave .C

    Back to the old routine then! Pigs in a trough.

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