Viamont Development files for insolvency

The Insolvency Registry has informed the Czech News Agency (CTK) that the Usti nad Labem-based developer Viamont Development, the property development arm of the construction firm Viamont, is the subject of insolvency proceedings. The management of the company requested this in late August 2012.

Viamont Development owes its suppliers, former employees and the tax office approximately CZK 218m (€8.8m), according to a CTK report.

Like Viamont, which was declared insolvent in July 2012, Viamont Development also attributed its insolvency to a negative media campaign involving Ales Rebicek (a former transport minister in the Czech Republic, a co-founder of the company and a shareholder).