FinStat: 168 Slovak Companies Have Stakeholders from Panama

(Stock photo by AP)

Bratislava, April 6 (TASR) – Slovakia’s Business Registry features 168 Slovak companies with stakeholders from Panama, and the total income of these companies reaches around €38 million a year at the moment, reads the latest analysis of specialised website FinStat against the background of the Panama Papers scandal.

“As many as 43 companies achieved positive EBITDA, while 41 were in the black. The company with the highest income was Biotron on €18 million [per year],” stated FinStat analyst Jana Polakovicova.

Meanwhile, the company with the highest profits is Morcone, with its figures reaching as much as €10.4 million per year, even though its income reached only €20,000 in 12 months.

“This profit was created by other yields amounting to €10.5 million. Other yields are here represented predominantly by exchange rate gains,” said Polakovicova.

The company paid annual tax of €2,880, which is a level corresponding to the highest tax licence payment in Slovakia.

“In the accounts appendix the company states exchange rate profits among tax-exempt yields,” noted the analyst.

Of all companies with Panamanian involvement, 93 paid income tax, but most of them only at the level of the tax licence.

It’s also emerged that as many as 68 companies are headquartered at one of the two most frequently used addresses. “As many as 41 companies are located at 8, Bozena Nemcova Street in Bratislava, where a company called Office House, renting virtual headquarters to other companies, is based. The same company also has a base at 30, Zamocka Street in Bratislava, where another 27 companies [with Panamanian links] are located,” said Polakovicova.

Meanwhile, all the companies based on Bozena Nemcova Street are interlinked in terms of managing directors, while ten companies have no managing director at all. For example, a certain Martin Benedikovic features as the managing director of 12 companies, which are all based at one of the two aforementioned addresses. Other frequently appearing managing directors are Giannakis Tziannaros and Zdenka Kalisova.

The year in which the highest number of such companies was set up was found to be 2014, with a notable increase in the emergence of these firms visible as of 2009, added Polakovicova.