Czech Republic: The court in Prague rejected the complaint of Czech bank CSOB against Nomura in the Ceske pivo case

The municipal court in Prague rejected on Thursday October 5th the complaint of Czech bank CSOB against Nomura in the Ceske pivo (Czech Beer) case, in which CSOB demanded some CZK 24 billion, according to the Praque Daily Monitor.

The chronology of related events:

Sept 7, 2000 – CSOB takes legal action against Nomura over its acquisition of Plzensky Prazdroj and Radegast breweries, which Nomura bought in 1999 for CZK 9 billion and sold later the same year to South African Breweries for CZK 22 billion.

CSOB claims Nomura did not pay in cash but with IPB bank shares, which later became worthless, and files suit in London. Nomura insists it paid for the breweries.

Jan 30, 2001 - Police accuse Libor Prochazka and Aladar Blass, former deputies to the IPB CEO, of several crimes related to the Ceske pivo case.

Feb 25, 2002 - CSOB files a complaint over Ceske pivo against companies from the Nomura group with the district court for Prague 1 and a court in London. It wants CZK 24 billion in compensation.

April 25, 2002 - The arbitration court in London rules Pembridge, controlled by Nomura, could pay for the Czech breweries' stock with IPB shares. The verdict is confirmed on Nov 11, 2003.

Summer 2002 - Nomura offers settlement of disputes with the Czech Republic, inviting CSOB to withdraw its complaints against Nomura and promising it would in exchange end arbitration against the Czech Republic. The offer is turned down.

Dec 2002 - The high court in Prague decides that CSOB had filed its complaint with the wrong court in the Czech Republic. The district court for Prague 1 refers the complaint to the municipal court in Prague.

Dec 12, 2002 - The commercial court in London decides that the CSOB vs. Nomura lawsuit over Ceske pivo should take place in the Czech Republic. If either side refuses to comply with the possible Czech verdict the London court would take up the case because Nomura also has assets in the UK.

Feb 2004 - CSOB receives from Nomura 46 percent of shares of IP banka, successor to the former Investicni a postovni banka (IPB).

Dec 1, 2005 - Police accuse one-time Nomura representative Eduard Onderka in the Ceske pivo case.

Sept 5, 2006 - Anti-corruption police start criminal proceedings against former managers of Nomura's office in the Czech Republic Randall Dillard and David Thirsk. Both are accused of misuse of information in trade relationships in the Ceske pivo case.

Oct 5, 2006 - The municipal court in Prague rejects a complaint of Czech bank CSOB against Nomura in the Ceske pivo case in which CSOB demanded some CZK 24 billion.

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