Arca Capital

Arca Capital, the financier, Paul Krupa, announced on Monday that it had bought a stake in European Metal Holdings, which is planning to sell lithium to the Cínans through its subsidiary Geomet.

"Arca wants to ... perform the role of the watch dog - he wants from his position as a transparent investor to oversee the proper functioning of the company so as to avoid non-standard financial operations and unjustified profits abroad to the detriment of the Czech state," said Barbora Hanáková , spokesman Arca Capital.

The spokesperson did not disclose the amount of the purchased stake. She said only that Arca is about to increase it.

Lithuanian mining memorandum was signed by Minister of Industry Jiří Havlíček with the Australian company European Metals Holdings. While the YES movement talks about the scandal, according to Social Democrats, the movement of President Andrei Babis tries to overcome his problems by fomenting the cause. Chief of the KDU-CSL Pavel Bělobrádek said he expects the government to discuss the issue.

The state, due to low mining costs, gains only 0.66 percent of lithium market prices, warns Greenpeace. This is due to the government regulation of last year, according to which payment is determined from pure metal, not from a lithium carbonate compound that is commonly traded on world markets.

European Metal Holdings (EMH), with which the Czech Republic signed a Lithium Mining Memorandum, is untrustworthy because it has a vague ownership structure. The press conference of Good Governance, a non-profit organization, told her chairman Lukas Wagenknecht. According to him, there is room for corruption, the government, by signing, also violated its program statement. Politicians of the present and past governments have fundamentally underestimated the economic benefits of the project, Wagenknecht said. EMH responded to CTK that there is no room for corruption.