Fight for Koruna Palace underway in Prague center

Prague’s historic Koruna Palace at the bottom of Wenceslas Square could soon change hands. There is a battle brewing between Koruna’s current owner, Tomáš Plachý, and František Bušek, who is known in the Czech Republic for allegedly tunnelling investment funds CS Fondy, writes the daily Hospodářské noviny.

Plachý bought the palace five years ago as part of his CZK 517m acquisition of the state-owned Technoexport. In the meantime, Bušek acquired a promissory note worth CZK 900m that he claims Technoexport is required to pay. He is demanding Plachý either pay the bill in full or hand over Palác Koruna. Hospodářské noviny writes that this is not the first time Bušek has tried to seize the landmark property. Plachý has refused to comment on the case. He only told the paper that all the necessary legal steps are being taken.