December 9, 2021

Beyond Going Long

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Michalik from the Stan movement is no longer running for the position of Minister of Industry and Trade

Michalik from the Stan movement is no longer running for the position of Minister of Industry and Trade

PRAGUE, November 25 (TASR) – The deputy head of the Czech Stan movement, Věslav Michalik, has resigned as Minister of Industry and Trade in the new government. The reason is his previous business activities in Cyprus, which were reported by the Check Daily In.

According to news server Seznam Zprávy, Michalek insists his actions were legal, but does not want the situation to harm the new government and the STAN movement.

The News Report has reported that Mishalik’s former company has borrowed at least 4.6 million euros in the past through Cypriot firm Lowfield Investments. At first, Mishalik and his wife did not want to reveal who owns this tax haven-based company, but eventually the STAN candidate admitted that the owner of the company was his wife.

Michalik is a long-term financier and investor, with assets of up to 1 billion CZK (more than 39 million euros). Solar is also a significant source of his income, so as a minister he can enter into an unacceptable conflict of interest, according to an analysis of Seznam reports.

In addition, the news server found that two former companies of Michalik associated with solar energy (Solar Area and Rodvinov Solar Energy) have sponsored the STAN movement in the past. This political support did not end even after these companies were transferred to the Valor Fund, in which Michalik is partly owned, in 2017.

Mishalik initially declined to reveal his family’s share of the fund, but said at a news conference Thursday that he could do up to 96 percent.

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“I am very sorry about Mishalik’s decision. I understand that the information that appeared in the media about him upset many of our supporters. It did not work out well. Doing business in Cyprus does not look good to us.” STAN chief Vit Rakochan said.

According to the Austrian, Michalik announced that he made the money legally and that he would resolve any conflicts of interest. The Austrian added that he trusts him, but still welcomes his decision because of the electorate and the atmosphere of the community.

It is not yet known who will nominate Michalek.