Czech fraud? (Banka Bohemia)

From: The Economist (US) | Date: April 23, 1994 | Copyright information

The Czech Republic experienced its first banking crisis on Apr 15, 1994, when Banka Bohemia closed its doors the day after the Czech National Bank froze its assets. Bohemia was placed under administration after issuing $1.2 billion worth of bogus securities.

IT WAS only a matter of time before the Czech Republic's young banking system received its first shock. It came on April 15th, when signs reading "closed for technical reasons" were taped to the locked doors of Banka Bohemia, the country's seventh-biggest bank. The previous day its assets were frozen by the Czech National Bank ...

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