7 February 2002
Komercni banka, a.s. http://www.kb.cz/kdo_jsme_en
Prague 1, Na Prikope 33, building identification number 969, Post Code 114 07
Identification No.: 45 31 70 54
incorporated in the Commercial Register maintained with the Municipal Court in
Prague, section B, insert 1360
Prague, 7 February 2002
N o t i c e
Pursuant to section 80c(2)(b) Act No. 591/1992 Coll., on Securities and Rules
of Prague Stock Exchange Part III.
Komercni banka, a.s. announces,
that has received a copy of a claim, filed by B.C.L. Trading GmbH on 30th
November 2001 in the Prague Municipal Court for alleged losses equivalent to
approx. CZK 13 billion. As previously announced and reported in detail both in
the press and in Komereni banka, a.s. annual report, in 1999 and 2000 Komereni
banka, a.s. suffered losses of approx. CZK 8 billion arising from documentary
letters of credit opened on behalf of B.C.L. Trading GmbH. Such losses were
fully reflected in the Komercni banka, a.s. audited accounts for those years.
The Board of Komercni banka, a.s. is examining this claim even though until now
B.C.L. Trading GmbH has not paid the court fee necessary to make the claim
active. Upon preliminary advice, the Board of Komercni banka, a. s. believes
that both the amounts claimed and the allegations on which such claims are based
are wholly unjustified and that the claim is without merit. The Board of
Komercni banka, a.s. further believes that this claim is a tactical
counter-attack by B.C.L. Trading GmbH, against which Komercni banka, a.s. has
initiated legal proceedings in Austria and where a number of appeals are
pending, including an application for declaration of bankruptcy over B.C.L.
Trading GmbH. Komercni banka, a.s. welcomes this opportunity to engage B.C.L.
Trading GmbH in the Czech courts and, as before, both the Board of Komercni
banka, a.s. and major shareholder of Komercni banka, a.s. Societe Generale
remain committed to pursuing B.C.L. Trading GmbH, and all those who may have
collaborated with B.C.L. Trading GmbH in causing loss to Komercni banka, a.s.
Komercni banka, a.s. will, in addition, continue to co-operate with police and
other criminal authorities in a number of jurisdictions in relation to their
criminal enquiries into a number of individuals involved in the relevant
Alexis Juan Peter Palecka
Chairman of the Board Vice Chairman of the Board
Komercni banka, a. s. Komercni banka, a. s.
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