Lipsic Points To Questionable EUR 384M Loan in SPP Affair

In the latest development in the scandal surrounding the restructuring and sale of gas utility Slovensky plynarensky priemysel (SPP) a contract has apparently just been signed where the Ministry of Economy agreed to loan some EUR 384 million to Energeticky a Prumyslovy Holding (EPH), the new part owners of SPP and its subsidiaries, against no collateral and with the start of repayments deferred until 2020.

MP Daniel Lipsic (c) The Daily

Independent MP Daniel Lipsic, now running with his NOVA party, drew attention to the dubious deal, which ironically was being endorsed at the very time Prime Minister Robert Fico was facing a no-confidence motion in parliament over the affair. At a press conference yesterday, Lipsic said the whopping EUR 384 million loan will come from the parent company SPP, which the PM so proudly declared will be fully state run, and be executed by the end of this week.

Even though the loan is essentially being handed out by a state-owned company to a privately owned company, no collateral has been set for the company SGH representing EPH, which recently took over a 49% stake in the SPP holding from the previous French and German shareholders (Gaz de France and Ruhrgas).

The company SGH will even enjoy an exceptional grace period until 2020 before having to pay anything back, claims Lipsic, who said economy minister Tomas Malatinsky sealed the deal as the PM was facing the vote of no confidence. Lipsic noted how the company had no collateral to offer and had also only acquired the stake in SPP by using loans.

Lipsic is therefore calling on the government to halt the transaction, saying the deal was “only advantageous for SGH”, as it would get money from the government to cover the debt from acquiring SPP in the first place.


  1. Ah, so good to be an Englishman among this corrupt (and even perverted) bunch Slowvaks ….

    Never has pig poo smelt quite so good for many of them, as their huge piggy noses just burrow in that trough .

  2. I like this Daniel Lipsic.

    1. Danny boy can be a real star when he puts his ego aside.
      Interesting to note that courtesy of Toady, some transcripts of reportedly intercepted SMS’s from Lipsic have just now come to light in some purile attempt to take the heat out of the gas utility scandal.
      Danny has also revealed recently the use of a government plane to fly four SMER females to St. Petersburg on a suspected shopping jolly – an official visit according to the govt. but not mentioned in any schedule and no agenda published.
      He may have had a hand in the disclosure that many of the top managerial posts in the Ag. Min. are held by family and friends of Min. Jahnatek who strongly denies that his one horse home villiage of Komjatice seems to have produced an excessive number of Ministry Top Dogs. However, with the Ministry phone book mysteriously being deleted from the website observers can no longer note the the strange occurance of the same surnames over and over again – nothing dodgy there then!
      Two other gems, not reported here – the buffet in parliament is not registered for, or charge VAT apparently. The average Slovak consumer may wish to take note.
      In the wake of the recent drunken attacks in parliament the govt. has sidelined proposals for Parliamentary guards and fines for miscreant MPs – no doubt to prevent the SMER drinking club from being denied enjoying their customary brawl in defence of glorious leader, disrupting parliamentary procedure and wiping their *rses on freedom of speech and democratic principles.
      Meanwhile govt. debt continues to grow to the alarm of some pundits and the proposed tax breaks and “payroll loans” for businesses to keep people employed – even if there is no work! is regarded like trying to bail out the Titanic with an egg-cup in an effort to rectify the damage caused by BnM’s amended Labour Code and Tax reforms.
      Downwards, ever downwards!

  3. Selling the family silver to your mates is bad enough but lending them the money to buy it is just taking the P*SS!

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