Without there being any funds transferred under the MOU
Queenco ended Prague investment talks
2013-01-07
Reading time 37 seg
(Czech Republic) Casino manager Queenco Leisure International is considering its options after a bid to gain an investor for its Prague operations broke down. The firm said the negotiations regarding a definitive agreement had "terminated unsuccessfully, without there being any funds transferred under the MOU".
"In view of mutual claims of the company and the Investor in connection with the above, the company is considering its further actions," the company said.
The firm, which manages casinos in Greece and Serbia, said negotiations had concerned the the SaSaZu entretainment centre in the Czech Republic, which includes a nightclub and an Asian restaurant.
In August this year, the company entered into a binding memorandum of understanding with an "unrelated third party".
It included that the investor transfer EUR 1.5 million to the joint operations by June 30, 2013, of which which EUR 150,000 would be transferred within 14 days from the date of its execution.
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