In Europe, Growing Concern Slovenia Is Next to Need Bailout
Source: NYT
Only a few years ago, Bine Kordez was feted as Slovenia’s star entrepreneur. After transforming a home-improvement chain, Merkur, into a regional giant, he drew on easy credit from state-run banks to help orchestrate a €400 million management buyout of the company, the largest in the country’s history.
The rewards of success included an imposing mountainside retreat and frequent mention of his name as a possible future finance minister of this small, idyllic Alpine country.
Now, though, Mr. Kordez stands convicted of forgery and abuse of office for financial dealings as Merkur struggled under a mountain of debt.
“My mistake and the mistake of the banks was to vastly underestimate the risk,” Mr. Kordez, 56, said in a recent interview at his home near the picturesque town of Bled, with a view of Slovenia’s highest peak. He awaits a decision later this month on an appeal of his conviction, which could send him to prison for five years.
Read more: http://www.nytimes.com/2013/05/06/business/global/06iht-slovenia06.html?pagewanted=all
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