Monday, 28 September 2020

How a bet on China's consumers is backfiring for richest Czech

Bloomberg |
1 June 2020

Petr Kellner's push into China was meant to turbo-charge one of eastern Europe's biggest fortunes. Instead, the Czech billionaire saw a listing of his consumer lender collapse, followed by a fight to contain the impact of the coronavirus pandemic. That has cost him USD 2.5 billion since January, with mounting questions about what's next for his Asian expansion.