Bakala leaves BXR, planning investments in Central Europe - press


17.07.2014 10:12

Prague - Czech billionaire Zdenek Bakala has definitely left the international investment group BXR Group and is planning new investments in Central Europe, the daily Mlada fronta Dnes (MfD) said today.


Podnikatel Zdeněk Bakala se sešel 3. dubna v Praze na pracovní snídani s novináři. ČTK Šulová Kateřina

In exchange for his 50-percent stake in BXR, Bakala will acquire freight railway carrier Advanced World Transport, commercial properties and other assets. He is going to consolidate these activities into company BM Management, which he owns together with his wife Michaela, MfD said.

Bakala's new expansion in Central Europe will be headed by Martin Vojta, an expert in corporate purchases who has also left BXR, MfD noted.

BM Management spokesman Tomas Pavlik told daily Hospodarske noviny (HN) in April that Bakala is leaving BXR Group over disputes with his partners. According to HN, Bakala will keep his stake in mining firm NWR, the owner of Czech black-coal miner OKD, flat-owning company RPG Byty in Ostrava, north Moravia, energy company Green Gas International and Swiss iron ore pellets producer Ferrexpo.

According to MfD, the success of Bakala's independent business depend on how he will manage to stabilise NWR. If negotiations with creditors fail and the company goes bankrupt, the anger of investors will turn against Bakala and his partners, MfD said.

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