Orco Property Group's CEO Jean-Francois Ott has seen his personal stake in the company he founded slashed from 10% to 1.6%. Ott said in a statement on Tuesday that the bank that financed his investment vehicle, Ott & Co., was forced to sell Orco shares after a steep fall in the property group's shares.
Orco Property Group's CEO Jean-Francois Ott has seen his personal stake in the company he founded slashed from 10% to 1.6%. Ott said in a statement on Tuesday that the bank that financed his investment vehicle, Ott & Co., was forced to sell Orco shares after a steep fall in the property group's shares.
Shares of Prague-listed Orco, a real estate developer and investor in Central and Eastern Europe, have lost 90% of their value since the start of the year.
'This decline in my personal stake does not take anything away from my confidence in and dedication to Orco Property Group,' Ott said. 'Orco Property Group has and always will be fundamental to me and my commitment to the business I founded seventeen years ago remains intact.'
Orco closed down 9.48% at EUR 7.83 on Tuesday.
