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Officers from the country’s National Centre for Combatting Organized Crime have proposed filing criminal charges against a former employee of the Czech Export Bank who is believed to be responsible for two suspect loans afforded to companies between 2007 and 2010 which resulted in damages to the tune of 1.5 billion crowns. If charged and convicted the man could face up to eight years in jail for abuse of position.

The Czech Export Bank and its mother company, the Export Insurance Company EGAP are still dealing with the effects of big losses incurred between 2007 and 2011 due to a number of dubious contracts, some of which are still under investigation.

One of the most highly-publicized cases was a series of loans to the tune of hundreds of millions of crowns afforded to Chinese companies for which five former managers have been charged.

A recent conference on business and investment opportunities in Africa organized by the Czech Foreign Ministry, focused on innovative forms of investment and modern technologies. Titled “Creative, Innovative and Participative Africa” the event brought together ambassadors and business representatives, underlining Czech interest in establishing new partnerships and projects on the African continent. I spoke to Deputy Foreign Minister Martin Tlapa about the opportunities opening up, the risks involved and what the Czech government is doing to help

The state export insurance and guarantee provider, EGAP, has said it is relaxing what has been effectively a freeze on export help to Ukraine and Belarus. Help to all but the smallest projected stopped to Ukraine in February 2014 due to the conflict in the east of the country. Help to Belarus was curbed due to the economic situation and the poor payment record of local companies. That has improved, according to the Czech agency. Although export help will now be offered, the two countries are still regarded as high risk with an annual ceiling put on the amounts of credits and guarantees offered.

The recent failed coup attempt in Turkey could cost the Czech Republic dear. A loan of CZK 12 billion from the Czech Export Bank linked to a power plant in the county is in danger following the arrest of executives at the company that commissioned it, Hospodářské noviny reported on Wednesday.

A major Czech business delegation is currently in Iran as some of the most significant trade sanctions against the country start to tumble. Czech companies have high hopes of cashing in on the opportunities now opening up.

The Czech state will back a huge investment by a Czech company in Russia. Russia’s fertilizer producer PhosAgro, has contracted Czech technology firm Chemoproject Nitrogen to build a plant.

Czech construction company PSG reportedly has revoked its contract to build a gas-fired power plant in sub-Arctic Siberia with the state-controlled Czech export bank and insurer looking at what could be a major hit from the project.

Mixed signals have been sent by the West to Russia and Ukraine during the recent crisis and no more so over trade and business relations. Strangely enough, crucial Czech state support for trade with Russia is being maintained but that to Ukraine remains on hold.

In this week’s Business News: spending watchdog slams cash flows at export insurer; car unions threaten strike; state rail company announces bigger losses; Czech distrust of digital investments; and fuels company seeks revenues boost from Germany.

Two state controlled Czech export credit and insurance institutions are at the centre of plans to boost the country’s export growth. But an expected strengthening of their role would appear to depend on dealing with problems from the recent past.