Thu, 19 Nov 1998: Uhispank reneges on deal…



3 they concluded a forward deal with Uhispank. According to this deal, Huvitusfond bought a number of different companies' shares at current price to sell them for Uhispank on May 5, 1998. In return, the bank should have paid Huvitusfond 143.7 million kroons.The bank now claims that both transactions were terminated the same evening because the Uhispank's board was against taking such a big risk. Huvitusfond representatives, on the other hand, say this deal was not scrapped because it is recorded in their 1997 annual report. They agree the 181 million kroon deal may have been terminated as the company has no documented information about it. The fund, which was founded by the state to redeem compensation vouchers but was also allowed to carr... Read the rest of this entry »

Comments are closed.