William Malcolm

OKD To Pay CZK 16m Court Bill After Losing Citibank Dispute


Attorneys for Citibank and New World Resources (NWR) filed proposals with the court for CZK 16 million in attorney fees in their recent win against the OKD insolvency administrator.


White & Case, lawyers for NWR, are demanding CZK 2.3 million in attorney fees, travel, and other costs.


Meanwhile, BHH, lawyers for Citibank, seeks CZK 14 million in expenses.


The court has ruled that the OKD insolvency administrator is obligated to pay these expenses.


The judge must first approve the proposals sent by the lawyers of NWR and Citibank.


The court stated the exact amount owed by the OKD insolvency administrator has yet to be determined. The court will issue its final decision in the written verdict.


The judge has three months to issue a final written verdict in the case.


The obligation to pay attorney fees to the winning party comes into effect after the verdict is final. SP OKD plans to appeal the decision.