PPF under attack

Czechs have lost trust in their institutions, and one of these institutions is PPF. Suspicions about its business practices are so deep-rooted that the CNB had to threaten to sue those spreading rumors that its board members took bribes from PPF to devalue the crown. It doesn't help that Miroslav Singer was at Expandia when Česká pojišťovna bought Expandia banka. Before the devaluation, Luboš Palata of LN suggested that Václav Klaus had called for leaving the EU because he is funded by PPF and PPF needs Putin's blessing. Respekt suggested that PPF might be buying O2 for the Russians or the Chinese; MFD noted that PPF was the biggest winner in the comedy called a fourth operator. The Anticorruption Endowment claims ČEZ lost Kč 2.5-2.7bn on the sale of Mibrag to EPH (PPF/J&T). PPF can try to improve its PR by recalling Milan Tománek from China ... but a change in underlying behavior isn't an option.