Wednesday , June 16 2021

After Kellner’s death, the biggest wealth transfer in the Czech Republic begins

The share is worth 13.4 billion euros and controls 99% of Kellner, according to the Bloomberg Billionaires Index and the management of the holding PPF Group, which has € 44 billion in assets.

Although the 56-year-old entrepreneur must inherit the fortune of his widow and four children, it is unclear who will take his place in the company in the long run. From a commercial standpoint, minority shareholder Ladislav Bartonicek will lead the company’s operations, as Kellner’s family does not play an important role in PPF’s day-to-day operations, the group announced last week.

As an organized person, I’m sure Peter Kellner took care of everything to make the process as simple as possible. The entire transfer usually takes several months, ”said Peter Kinkel, partner partner of PWC Legal, representing local and international customers.

Critical time

“Peter launched management, relying on a large team of highly experienced professionals and a structure with the majority of responsibility in individual companies,” said Jean-Pascal Duviasart, minority shareholder and CEO of PPF’s financial division.

His death occurred at a critical time as he attempted to acquire Moneta Money Bank AS, one of PPF’s leading Czech consumer finance banks, and discussed the potential sale of a minority stake in telecommunications infrastructure company Cetin Group BV.

According to the report of Czech newspaper Hospodarske Noviny, PPF Finance Director Katerina Jiraskova said she expected Montana’s merger to move forward and the group had resolved the technical aspects of ownership. According to him, although family members are eligible to participate if they wish, they are less likely to join PPF immediately.

The Group is recovering from the epidemic losses suffered by the Home Loan unit, one of the largest credit institutions in Central and Eastern Europe. Consumer lending, also operating in Asia, posted a moderate profit in the second half of 2020, after recording a record credit impairment in the first six months of the year. Telecoms in Central and Eastern Europe, the other mainstream of Kellner’s expanding business empire, are relatively unaffected by the epidemic.

The transfer of Kellner’s wealth can be facilitated by the merging of the extensive business network operating in different sectors and regions under PPF’s holding structure, “said Peter Kinkel of PWC Legal.

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