{"id":20540,"date":"2026-03-11T05:29:08","date_gmt":"2026-03-11T05:29:08","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/20540\/"},"modified":"2026-03-11T05:29:08","modified_gmt":"2026-03-11T05:29:08","slug":"investori-csnf-prisli-o-ochranu-fond-se-zmenil-na-firmu-rizikoveho-kapitalu","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/20540\/","title":{"rendered":"Investo\u0159i \u010cSNF p\u0159i\u0161li o\u00a0ochranu, fond se zm\u011bnil na firmu rizikov\u00e9ho kapit\u00e1lu"},"content":{"rendered":"

Rok po obvin\u011bn\u00ed podnikatele Daniela \u0158\u00edmala z\u00a0da\u0148ov\u00fdch podvod\u016f prod\u011blal j\u00edm zalo\u017een\u00fd realitn\u00ed fond \u010cSNF z\u00e1sadn\u00ed prom\u011bnu. Z\u00a0regulovan\u00e9ho fondu kvalifikovan\u00fdch investor\u016f se zm\u011bnil na takzvanou osobu rizikov\u00e9ho kapit\u00e1lu. Pro investory to znamen\u00e1 ztr\u00e1tu velk\u00e9 \u010d\u00e1sti ochrany, kterou dosud m\u011bli.<\/p>\n

Investi\u010dn\u00ed fondy jsou pod pravideln\u00fdm a\u00a0aktivn\u00edm dohledem \u010cesk\u00e9 n\u00e1rodn\u00ed banky. Musej\u00ed m\u00edt nav\u00edc depozit\u00e1\u0159e a\u00a0obhospoda\u0159ovatele, jejich povinnost\u00ed je ze z\u00e1kona dohl\u00ed\u017eet na fungov\u00e1n\u00ed fondu a\u00a0h\u00e1jit z\u00e1jmy investor\u016f.<\/p>\n

Proti tomu osoby rizikov\u00e9ho kapit\u00e1lu, kter\u00fdm se d\u0159\u00edve \u0159\u00edkalo tak\u00e9 alternativn\u00ed fondy nebo minifondy, maj\u00ed v\u00fdrazn\u011b slab\u0161\u00ed vn\u011bj\u0161\u00ed kontrolu. Ze z\u00e1kona musej\u00ed pravideln\u011b pos\u00edlat regul\u00e1torovi informaci o\u00a0objemu spravovan\u00e9ho majetku a\u00a0po\u010dtech investor\u016f. Nemaj\u00ed u\u017e ale spr\u00e1vcovskou investi\u010dn\u00ed spole\u010dnost a\u00a0depozit\u00e1\u0159e a\u00a0nevztahuj\u00ed se na n\u011b ani dal\u0161\u00ed kontroln\u00ed mechanismy.<\/p>\n

Do fondu \u010cSNF investovalo pen\u00edze mno\u017estv\u00ed lid\u00ed. Jen v\u00a0roce 2024\u00a0to bylo 165\u00a0milion\u016f korun, vypl\u00fdv\u00e1 z\u00a0posledn\u00ed zve\u0159ejn\u011bn\u00e9 v\u00fdro\u010dn\u00ed zpr\u00e1vy. Spole\u010dnost vyd\u00e1vala rovn\u011b\u017e dluhopisy. V\u00a0sou\u010dtu jich emitovala za 443\u00a0milion\u016f korun. Fond m\u011bl v\u00a0roce 2024, tedy je\u0161t\u011b p\u0159ed propuknut\u00edm kauzy Daniela \u0158\u00edmala, ztr\u00e1tu 166\u00a0milion\u016f korun.<\/p>\n

Obvin\u011bn\u00ed \u0158\u00edmala vypl\u00fdv\u00e1 z\u00a0jeho obchod\u016f s\u00a0mobily, nikoliv z\u00a0podnik\u00e1n\u00ed \u010cSNF. \u0158\u00edmal trv\u00e1 na sv\u00e9 nevin\u011b. Jeho kauza p\u0159esto fondem ot\u0159\u00e1sla. Fond kv\u016fli tomu pozastavil vyd\u00e1v\u00e1n\u00ed i\u00a0odkupov\u00e1n\u00ed nov\u00fdch akci\u00ed.<\/p>\n

P\u0159\u00edpad podnikatele Daniela \u0158\u00edmalaN\u00e1rodn\u00ed centr\u00e1la proti organizovan\u00e9mu zlo\u010dinu obvinila zakladatele realitn\u00edho fondu \u010cSNF Daniela \u0158\u00edmala ze zapojen\u00ed do da\u0148ov\u00fdch podvod\u016f p\u0159i mezin\u00e1rodn\u00edch obchodech s pou\u017eit\u00fdmi mobily. Detektivov\u00e9 vy\u010d\u00edslili \u0161kodu na 335 milion\u016f korun. Daniel \u0158\u00edmal a dal\u0161\u00ed osoby ve vy\u0161et\u0159ovan\u00e9 skupin\u011b m\u011bli \u00famysln\u011b zneu\u017e\u00edt speci\u00e1ln\u00ed da\u0148ov\u00fd re\u017eim, kter\u00fd umo\u017e\u0148uje zdanit pouze ziskovou p\u0159ir\u00e1\u017eku obchodn\u00edka, pokud zbo\u017e\u00ed poch\u00e1z\u00ed z\u00a0Evropsk\u00e9 unie. V jejich p\u0159\u00edpad\u011b v\u0161ak podle policie tato podm\u00ednka nebyla spln\u011bna, proto\u017ee bylo prok\u00e1z\u00e1no, \u017ee telefony poch\u00e1zely z\u00a0USA.Na \u00fazem\u00ed \u010cesk\u00e9 republiky zadr\u017eeli policist\u00e9 dv\u011b osoby podez\u0159el\u00e9 z\u00a0t\u00e9to trestn\u00e9 \u010dinnosti. Jednou z nich je Daniel \u0158\u00edmal, kter\u00fd skon\u010dil ve vazb\u011b. V\u00a0Loty\u0161sku byly zadr\u017eeny dal\u0161\u00ed t\u0159i osoby, kter\u00e9 jsou rovn\u011b\u017e ve vazb\u011b. \u010cR usiluje o vyd\u00e1n\u00ed v\u0161ech t\u0159\u00ed Loty\u0161\u016f k trestn\u00edmu st\u00edh\u00e1n\u00ed.V\u00a0r\u00e1mci realizace bylo v\u00a0obou zem\u00edch provedeno dev\u011bt domovn\u00edch prohl\u00eddek a\u00a0sedm prohl\u00eddek nebytov\u00fdch prostor.Policist\u00e9 zajistili v\u00fdpo\u010detn\u00ed techniku a\u00a0majetek v\u00a0hodnot\u011b kolem 60\u00a0milion\u016f korun. Zahrnuje nemovitosti, pen\u00edze na bankovn\u00edch \u00fa\u010dtech, hodinky, kabelky, drah\u00e9 kameny, automobily a\u00a0motocykl.Na shrom\u00e1\u017ed\u011bn\u00ed d\u016fkaz\u016f se pod\u00edlely i Rakousko, Francie, N\u011bmecko, It\u00e1lie a Slovensko.Vy\u0161et\u0159ov\u00e1n\u00ed dozoruje \u00da\u0159ad evropsk\u00e9ho ve\u0159ejn\u00e9ho \u017ealobce. Do pravomocn\u00e9ho rozsudku jsou Daniel \u0158\u00edmal a dal\u0161\u00ed obvin\u011bn\u00e9 osoby nevinn\u00ed. <\/p>\n

\u201eP\u0159edpokl\u00e1d\u00e1me, \u017ee nov\u00fd depozit\u00e1\u0159 bude ustanoven v\u00a0nejbli\u017e\u0161\u00edch t\u00fddnech, pot\u00e9 bude mo\u017en\u00e9 standardn\u00ed re\u017eim odkup\u016f a\u00a0vyd\u00e1v\u00e1n\u00ed investi\u010dn\u00edch akci\u00ed op\u011bt obnovit,\u201c uji\u0161\u0165oval v\u00a0listopadu \u0159editel Avantu pro strategick\u00e9 transakce a\u00a0regulatorn\u00ed vztahy Petr Kr\u00e1tk\u00fd. Nov\u00e9ho depozit\u00e1\u0159e ale fond nakonec nena\u0161el.<\/p>\n

\u201eT\u00edm se fondu fakticky uzav\u0159ela d\u0159\u00edve vyjedn\u00e1van\u00e1 mo\u017enost o\u00a0vstupu strategick\u00fdch investor\u016f, kte\u0159\u00ed by kapit\u00e1lov\u00fdm vstupem pos\u00edlili fondov\u00fd kapit\u00e1l, umo\u017enili dokon\u010dit st\u00e1vaj\u00edc\u00ed projekty, z\u00a0nich splatit z\u00e1vazky a\u00a0doru\u010dit budouc\u00ed v\u00fdnos akcion\u00e1\u0159\u016fm,\u201c uvedl m\u00edstop\u0159edseda p\u0159edstavenstva Avant investi\u010dn\u00ed spole\u010dnosti Kr\u00e1tk\u00fd.<\/p>\n

Bez depozit\u00e1\u0159e p\u0159itom fond nem\u016f\u017ee nejen p\u0159ij\u00edmat nov\u00e9 investory, ale ani vypl\u00e1cet ty st\u00e1vaj\u00edc\u00ed. Valn\u00e1 hromada \u010cSNF svolan\u00e1 na konec \u00fanora se proto p\u0159iklonila k\u00a0\u0159e\u0161en\u00ed p\u0159em\u011bnit fond na firmu rizikov\u00e9ho kapit\u00e1lu.<\/p>\n

<\/a><\/p>\n

\u010cSNF se ale bude muset vypo\u0159\u00e1dat s\u00a0faktem, \u017ee nyn\u00ed ji\u017e nebude moci nab\u00edzet sv\u00e9 investi\u010dn\u00ed produkty \u0161irok\u00e9 ve\u0159ejnosti. To je dal\u0161\u00ed skute\u010dnost, kter\u00e1 odli\u0161uje regulovan\u00e9 investi\u010dn\u00ed fondy od firem rizikov\u00e9ho kapit\u00e1lu zalo\u017een\u00e9 podle paragrafu 15\u00a0z\u00e1kona o\u00a0investi\u010dn\u00edch spole\u010dnostech a\u00a0investi\u010dn\u00edch fondech.<\/p>\n

\u201e\u010cesk\u00e1 n\u00e1rodn\u00ed banka upozor\u0148uje ve\u0159ejnost a\u00a0osoby p\u016fsob\u00edc\u00ed na finan\u010dn\u00edm trhu, zejm\u00e9na v\u00e1zan\u00e9 z\u00e1stupce a\u00a0dal\u0161\u00ed osoby, kter\u00e9 vystupuj\u00ed jako \u201ezprost\u0159edkovatel\u00e9\u201c, na p\u0159\u00edpady, kdy doch\u00e1z\u00ed k\u00a0neopr\u00e1vn\u011bn\u00e9mu shroma\u017e\u010fov\u00e1n\u00ed pen\u011b\u017en\u00edch prost\u0159edk\u016f od ve\u0159ejnosti prost\u0159ednictv\u00edm subjekt\u016f zapsan\u00fdch v\u00a0evidenci osob podle paragrafu 15\u00a0z\u00e1kona o\u00a0investi\u010dn\u00edch spole\u010dnostech a\u00a0investi\u010dn\u00edch fondech a\u00a0nab\u00edzen\u00ed t\u011bchto investi\u010dn\u00edch p\u0159\u00edle\u017eitost\u00ed,\u201c uvedla \u010cNB v\u00a0obecn\u00e9m upozorn\u011bn\u00ed, kter\u00e9 shodou okolnost\u00ed vydala jen dva dny po p\u0159em\u011bn\u011b fondu \u010cSNF.<\/p>\n

Regul\u00e1tor rovn\u011b\u017e upozornil, \u017ee nab\u00edzen\u00ed takov\u00fdchto investic \u0161irok\u00e9 ve\u0159ejnosti je nez\u00e1konn\u00e9 a\u00a0m\u016f\u017ee v\u00e9st k\u00a0sankc\u00edm.<\/p>\n

Osoby rizikov\u00e9ho kapit\u00e1luFunguj\u00ed podle paragrafu 15 z\u00e1kona o investi\u010dn\u00edch spole\u010dnostech a investi\u010dn\u00edch fondech.V minulosti se jim \u010dasto nep\u0159esn\u011b \u0159\u00edkalo \u201ealternativn\u00ed fondy\u201c nebo \u201eminifondy\u201c. Nepodl\u00e9haj\u00ed t\u00e9m\u011b\u0159 \u017e\u00e1dn\u00e9 regulaci.Jednou z m\u00e1la povinnost\u00ed t\u011bchto firem je jednou za rok poslat do \u010cNB v\u00fdkaz o v\u00fd\u0161i spravovan\u00e9ho majetku.Za ur\u010dit\u00fdch podm\u00ednek mohou spravovat majetek a\u017e ve v\u00fd\u0161i 500 milion\u016f eur.Vl\u00e1da v roce 2023 p\u0159ipravila n\u00e1vrh novely z\u00e1kona zp\u0159\u00eds\u0148uj\u00edc\u00ed podm\u00ednky pro fungov\u00e1n\u00ed t\u011bchto firem. Mimo jin\u00e9 nov\u011b nesm\u00ed ve sv\u00e9m n\u00e1zvu \u010di popisu pou\u017e\u00edvat slovo \u201efond\u201c.Od 1. \u010dervence 2024 nabyla novela \u00fa\u010dinnosti. <\/p>\n

Zm\u011bny nastaly rovn\u011b\u017e v\u00a0org\u00e1nech \u010cSNF. Z\u00a0dozor\u010d\u00ed rady ode\u0161li dosavadn\u00ed p\u0159edstavitel\u00e9 skupiny Luk\u00e1\u0161 Hrma a\u00a0Petr Kru\u0161ina. Podle Avantu se tak stalo na jejich \u017e\u00e1dost. Sou\u010dasn\u011b byla z\u00a0pozice statut\u00e1rn\u00edho org\u00e1nu vymaz\u00e1na Avant investi\u010dn\u00ed spole\u010dnost a\u00a0m\u00edsto n\u00ed se objevila nov\u011b zalo\u017een\u00e1 firma Avant Distress Management.<\/p>\n

\u201eAvant investi\u010dn\u00ed spole\u010dnost b\u00fdt statut\u00e1rn\u00edm org\u00e1nem nad\u00e1le nemohla, ze z\u00e1kona spravuje pouze investi\u010dn\u00ed fondy. Proto jsme akcion\u00e1\u0159\u016fm fondu nab\u00eddli slu\u017eby spole\u010dnosti Avant Distress Management. Akcion\u00e1\u0159i tuto nab\u00eddku od skupiny Avant vyu\u017eili. Avant Distress Management je subjekt ur\u010den\u00fd pro \u0159\u00edzen\u00ed a\u00a0koordinaci krok\u016f v\u00a0situac\u00edch, kdy je pot\u0159eba restrukturalizace a\u00a0stabilizace aktiv. Tedy vyjedn\u00e1v\u00e1n\u00ed s\u00a0financuj\u00edc\u00edmi institucemi, nastaven\u00ed procesu restrukturalizace z\u00e1vazk\u016f a\u00a0\u0159\u00edzen\u00ed projekt\u016f tak, aby se maximalizovala jejich hodnota. V\u00a0dan\u00e9 situaci jde o\u00a0odd\u011blen\u00ed t\u011bchto \u010dinnost\u00ed od standardn\u00edch \u010dinnost\u00ed obhospoda\u0159ovatele investi\u010dn\u00edch fond\u016f,\u201c sd\u011blil Petr Kr\u00e1tk\u00fd z\u00a0veden\u00ed Avantu.<\/p>\n","protected":false},"excerpt":{"rendered":"Rok po obvin\u011bn\u00ed podnikatele Daniela \u0158\u00edmala z\u00a0da\u0148ov\u00fdch podvod\u016f prod\u011blal j\u00edm zalo\u017een\u00fd realitn\u00ed fond \u010cSNF z\u00e1sadn\u00ed prom\u011bnu. Z\u00a0regulovan\u00e9ho fondu…\n","protected":false},"author":2,"featured_media":20541,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[10044,67,68,10045,10043,69,780],"class_list":{"0":"post-20540","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-byznys","8":"tag-avant-investicni-spolecnost","9":"tag-business","10":"tag-byznys","11":"tag-daniel-rimal","12":"tag-fond-csnf","13":"tag-investice","14":"tag-reality"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116208898083004325","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/20540","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=20540"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/20540\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/20541"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=20540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=20540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=20540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}