On Tuesday, serious crime department investigators charged Karol C., onetime economy minister in Vladimir Meciar’s former government with the abuse of power along with seven other former members of the National Property Fund’s Presidium and three members of the fund’s supervisory board. These charges are linked to the transfer of shares in state-run companies from the portfolio of the FNM and the Economy Ministry to DMD Holding along with increasing the share capital in the company.

Interior Minister Vladimir Palko said that during the transactions the state was deprived of more than SKK 5 billion. All the criminal acts are dated between 1994 and 1998. “For a very long time there was no will to punish these crimes,” said Mr. Palko.

The investigators charged ex-minister of economy Karol C., who on behalf of the Economy Ministry as a DMD shareholder, signed a statement taking over an obligation amounting to SKK 1.098 billion. He ordered the shares to be transferred to the former heavily indebted arms producers ZTS Martin, ZTS Dubnica nad Vahom, ZVL Dubnica from the Economy Ministry portfolio to the DMD Holding account.