Exemption from prohibiton of state aid for Mora Moravia

18 Apr 2003

The Office for the Protection of Competition approved exemption from the prohibition of state aid in favour of the company Mora Moravia.

The exemption in the amount of CZK 74.75 million shall be provided in the framework of Czech Consolidation Agency receivables cession.

The exemption from the prohibition of state aid was approved subject to certain conditions. The Ministry of Finance, as a state aid provider, shall submit to the Office the report on fulfilment of the approved restructuring plan within six months, and the report will be amended every six months. After the termination of the restructuring process the final evaluation report on its course will be submitted. The restructuring plan has confirmed that its implementation would ensure long-term viability of the company Mora.

“The Ministry of Finance will ensure full implementation of the approved restructuring plan in the form of Strategic and entrepreneurial intention of the company Magnum Production of the purchase of Czech Consolidation Agency receivables concerning Mora Moravia. This restructuring plan will be consumed before the end of the next year. The sale of the daughter company Mora Top to the strategic investor shall take place until the same date. The sale of assets related to the company Nástrojárna Olomouc shall take place before the end of this year,” stated the Chairman of the Office Mr. Josef Bednář to the stipulated conditions.

Press and Information Department