Sazka to appeal bankruptcy ruling; chairman protests two accusations

By Caroline Salls

Pittsburgh, May 31 - Sazka, AS plans to file an appeal on a court ruling on bankruptcy, arguing that the "proceedings have shown fundamental defects that affected the decision of the creditors' meeting about the bankruptcy," according to a company news release.

In addition, the company said the fact that a CZK 6 billion claim application got lost at the Municipal Court was unprecedented.

Sazka said the claim was filed at the court's registry on April 27, but a judge learned about the claim in late May after the start of negotiations.

In separate news releases, Sazka chairman of the board and general manager Aleš Hušák protested "false and unfair accusations" by Kamil Ziegler from PPF and what Husak called an "absurd claim" made by Roman Jecminek on the website www.ihned.cz.

"No materials were or are discarded in Sazka, AS," Husak said in response to Ziegler's accusations.

"It is not true and is an absolute fiction that any steps are taken to block Sunday draw of Sportka and Lucky Ten games. The draw took place on a regular basis, as always.

"Beside the fact that I have always cared about the fate and future of the national lottery Sazka, I am also a lawyer and I have never taken or taking steps that would be contrary to law.

Husak said Sazka "would never be able to discontinue drawing without the consent of the Ministry of Finance."

"Sazka, AS will operate normally until the last moment in which it will have an effect," Husak said in the release.

Meanwhile, in response to Jecminek's claim, Husak said, "I am convinced that the High Court must cancel the absolutely unfair process led by the Municipal Court in Prague.

"I have never seen such a rigged trial with my own eyes and not only me, but experienced lawyers do not doubt that the High Court will revoke it all. I said that publicly, both during trial and repeatedly to the media.

"If a public declaration of faith in the justice associated with the conviction of success on appeal is for Mr. Jecminek waste of time, then he's right.

"I would like to ask him a question whether he works in the interests of the minority shareholder - Autoklub CR - which he is the boss of, or vice versa whether he does everything for the interests of private operators who want to get Sazka at any price.

"Bankruptcy, which Sazka, AS opposes to, destroys shareholders' wealth, hence also Autoklub CR.

"The reorganization, which we are trying to put across, can, on the contrary, maintain this property in the hands of the shareholders."

Sazka is a Czech Republic lottery company.

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