ČSOB lost the arbitration with ICEC-Holding. Must pay billions of crowns
ČSOB lost a long-running lawsuit over Slovenian paper mills. A long-running dispute over billions of crowns between the Czechoslovak Commercial Bank (CSOB) and the Ostrava paper colossus ICEC-Holding has ended. However, the legal battle may continue. “ČSOB is considering possible further legal steps leading to a review of the award,” KBC Group and ČSOB said in a statement. ČSOB’s parent group – Belgium’s KBC Group – said after stock market trading on Friday that the arbitration ruled that the bank must pay CZK 3.7 billion along with costs of CZK 5 million within 15 days of receiving the arbitration award. The Ostrava firm, on the other hand, is to pay CZK 17.4 million in costs to the bank.
Source https://hn.cz/csob-prohrala-arbitraz-s-icec-holding-musi-zaplatit-miliardy-korun