Lipsic Points To Government Ties with Financial Group

Former interior minister Daniel Lipsic has drawn attention to the contract on the sale of a 49% stake in gas utility Slovensky plynarensky priemysel (SPP), sealed between the state and the group Energeticky and Prumyslovy Holding (EPH) and how one of the owners of the private company, the financial giant J&T, had supposedly drawn up the contract itself instead of the Ministry of Economy.

Lipsic has therefore called on Prime Minister Robert Fico to a face-to-face on television to explain the whole affair. It has been no secret that PM Fico handed over control to EPH, owned by the PPF group, Czech billionaire Daniel Kretinsky and J&T financial group, by giving them managerial control over the two must lucrative subsidiaries of SPP, Eustream and SPP-Distribucie.

MP Daniel Lipsic (c) The Daily

Essentially, the state was left with control over the shell parent company SPP, which in itself has been loss-making due to non-profitable subsidised gas sales to households. At the time of the sale, Mr Fico proudly declared how the state would retain control over the parent company.

Lipsic, formerly with the Christian democratic KDH party but now an independent, pointed out how there is absolute proof in this case that the government has sold out to the financial group.

The company showing up on the file data is none other than J&T Investment Advisors. The government responded with a statement from economy minister Tomas Malatinsky, who claimed that they had sent the document for review, which, allegedly, explains why the company’s name is on the electronic data from the high-level contract. He put it down to the fact that member of the SPP board of directors advisor Miroslav Hasko used to work for J&T Investment Advisors and so was still using their computer.

Financial group J&T also reacted by denying the accusations outright, saying it had nothing to do with the elaboration of the contract documents. The company was acquired by the consortium of EPH and renamed to EP Investment Advisors instead back in 2010.

It may all be just a huge misunderstanding, but with the best of timing, EPH is now ready to surrender its 49% stake in the almost unprofitable SPP parent company, as EPH holds 49% stakes in the independent, and lucrative, entities of Eustream and SPP-Distribucia.


  1. Strange, if not dodgy dealings I have just read about. Slovak railways may have to stump up nearly 60 million for some locomotives they didn’t buy?
    The builder? some Cypriot Company. I was stationed in Cyprus and could not rememeber ever seeing a railway. On checking, there was 76 miles or so of narrow gauge, steam railway built by the Brits, using UK locos, but is was closed and dismantled in the early 50s. Strange indeed that Slovak Railways order locos from a company and a Nation with such a fine tradition and history of loco construction and operation? Even stranger that they sign a contract requiring a payment even though the locos were never ordered or bought. I don’t suppose there is any conection between this fabled builder of fine motive power and that other well known Cypriot based company?

  2. …….as I always said ….not even a Banana Republic .

  3. I almost forgot – the Slovak Omnbudsman’s report into part of the Gorrilla scandal is not going to be discussed in parliament and there is an effort to sideline the SO report into discrimination in the education system. So much for democracy!

  4. I have to admire Danny boy even though he has a snowballs chance of ever getting Glorious Leader hauled over the coals for any dodgy dealing. The motion of no confidence is a waste of time as the SMER deputies will never turn on the hand that feeds them, irrespective of what concrete evidence is ever presented. The “irregularity” of the the eventual purchaser having had a hand in drawing up the Govt. contract is nothing new for BnMs party, the carbon emmissions scandal, which seems to have been swept under the carpet, had the very same M.O.
    Danny and his mates should wake-up to the fact that that every agency of the state is tied into protecting the criminal activities of the elite.
    Cases in the recent past clearly indicate this – Beanpole was investigated by the police over the property transfer scandal who found that he had acted illegally but, suprise, suprise, he will not face criminal charges. Instead he MAY face internal disciplinary procedings which MAY result in him being demoted but still free to give his friends a helping hand.
    Toady will probably escape any sort of punishment for his discrimatory payments to his lapdogs because he has claimed the court is biased. Did not Mr Centes make the same claim yet BnM and Co passed a quick law which circumvented this. Note the same law is not being used against Toady.
    The suspected associate of his has had his 22 year sentence quoshed by a court, almost certainly under instruction, in a decision which has baffled the Justice Ministry and is being put down to “bad translation” . Nothing new there either when Mello was arrested and released twice by the courts and allowed to go sunning himself in Belize even though he is accused of involvment in a double murder.
    I now read that the courts have banned Markiza and the press from publishing any details concerning financial irregularities at a hospital even though it involves public money and pundits are pointing out “connections” in high places. This in the same week that a former health minister is discovered to be the proud owner of a 3 million Villa in BA. – no connection I am sure!
    The country is tied up by people who all P*ss in the same pot and that is never going to be changed by the airy fairy use of parliamentary procedure or challenges to TV debates.

    1. For some reason I decided to take a look at both the Slovak and EU Constitutions, the SK Constitution has no specific mention of freedom of press just a protections against the press. While the EU Constitution allows for freedom of the press. Yes Democracy at its finest!

      Perhaps the powers that be at Markiza should just thumb their nose at the courts ruling and report the facts anyway. Markiza won’t be taken off the air, the sheeple will be outraged they can’t watch Farma anymore.

      1. Matt
        Your probably right, Markiza should publish and be damned but the web of state/criminal connections is so widespread that they would face all sorts of trumped up trouble.
        The issue of press freedom – thats never going to happen whilst all the top jobs are occupied by people who should be investigated.
        My dear wife was an investigative journalist – she was warned off by ……. the police, when she got to close to the truth about some local wide boys. They are all watching and covering each others backs. Corruption and criminal activities are not just a problem here, they are indemic at every level of society. Here is a classic example of a very common practice here in our home town. The missus and some neighbours went to a council surgery to ask which clown thought it was a good idea to allow an all night taxi office to open opposite our homes. ” The application was rejected by a full council meeting, they were told they could not have an office there, they shouldn’t be there” the elected members said. ” Strange, the office is in a council owned building and the taxis are parked in full view of the CCTV, are you suggesting that they do not have a tenant agreement with the council or pay rent?” was my wife’s next question.
        The glares from the councillors and the sudden interest in the floor by the council staff was a far better answer than the dumb silence that followed her enquiry. This has happened before, we have documentary evidence, decisions made by the elected representatives are ingnored by the paid staff and there is anecdotal evidence to suggest that this disregard for democratic process is driven by a select few with business interests and fat wallets.

        1. On the same note, it would appear that not all of the press is so keen at outing wrongdoings. The same council building mentioned before was the venue for another scam, run by two women with previous for exactly the same fiddle in another local town. They “ran” , on the same floor as the local newspaper office, a “childcare facility” – nobody thought it strange that no children ever came to the building, or the lights were never on, or the windows were covered with paper. The “owners” just submitted falsified rolls of children they were suposedly caring for and raked in the state cash. This nice little earner has just ended after a member of the public raised the alarm. The newshounds apparently did not notice the lack of children, the council did not check to see exactly what was happening and some non-job happily handed over tax payers money without actually checking that the children listed attended the creche. Indifference?, incompetence? or corruption? – my money is on a liberal spread of all three.

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