Articles for tag: OKD


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 ...


OKD Inquiry Commission Announces Criminal Complaints

OKD investigatory commission to file 14 criminal complaints   The OKD investigatory commission announced that they intend to file criminal complaints against fourteen people concerning the companies privatization. Former prime minister Bohuslav Sobotka and businessman Zdenek Bakala were among those named by the commission.   Lubomir Zaorálek: No evidence to support OKD criminal complaints   ...

Bakala Strikes Back – Calls OKD Conspiracy ‘Absurd’

Almost three years after the initiation of insolvency proceedings against OKD, Zdeněk Bakala, the mining company’s former owner, has weighed in on its collapse.   Zdeněk Bakala, former OKD majority owner, will not enter the proceedings determining the validity of the Citibank company’s claim. It is in the conclusion of a statement that Bakala sent ...

Matt Atlas

Karvina Mine Explosion Kills 13

On Thursday, a methane explosion at an OKD mine located in the northeast of the Czech Republic killed 13 miners and injured 10 more. Most of the victims were Polish nationals and both the Czech and Polish prime ministers have visited the scene. At around a quarter past five on Thursday afternoon in a mine ...


Czech Coal Mining

OKD Board Projects Annual Coal Tonnage

Ostrava, North Moravia, April 24 (CTK) – OKD company mines some 6 million tonnes of coal annually in the Karvina area but the amount will gradually decrease to 4 million and then to 2 million tonnes, OKD supervisory board chairman Michal Kuca said today.   Kuca spoke at the start of a visit of Prime ...


OKD Coal Mine

OKD Bounces Back In 2017: Posts Kc3.4 Billion Profit

Karvina, North Moravia, April 10 (CTK) – Czech black-coal mining company OKD generated a Kc3.4bn profit on sales of Kc16.8bn last year, creating enough liquidity for OKD’s further operations, insolvency administrator Lee Louda told CTK today.   OKD was sent into insolvency in May 2016. Since last week it has been in the state’s hands ...


ArcelorMittal Plans To Sell Ostrava Steelworks Plant

Prague/Hradec Kralove, East Bohemia, April 8 (CTK) – International steel maker ArcelorMittal wants to sell its plant in Ostrava, northern Moravia, with representatives of the company discussing the sale with the Czech Industry and Trade Ministry on Friday, according to the Seznam Zpravy server.   ArcelorMittal Ostrava (AMO) steelworks employs about 7,000 people.   By ...


OKD Coal Mine

OKD Mines Phaseout Costs To Exceed Kc6 Billion

Karvina, North Moravia, April 4 (CTK) – The expert opinion of the A-Consult plus institute estimated the phaseout costs of the OKD company’s black coal mines at some Kc6.6bn, daily Mlada fronta Dnes (MfD) said today.   OKD’s price is estimated by the insitute at Kc540m in total, the value itself at Kc234m and non-operating ...