Czech Engineering Tycoons' Business in Latvia: from Trams through Pharmaceuticals to Renewable Energy

Riga - Czech millionaire Tomáš Krsek is a well-known investor, entrepreneur, and philanthropist with a known fortune of €436 million (2021).

His career trajectory in ‘Škoda’-related companies where rapid – he started as an Assistant Finance Director in 'Škoda Plzen', but then took the opportunity to become CEO of 'Škoda Holding'. In only two years Krsek and his affiliates bought 'Škoda Transportation' to sell in just six years making tens of millions of euros. His time as an owner of ‘Škoda Transportation’ was rocky, being an owner at the time when Latvian law institutions accused 'Škoda Transportation' and its most experienced workers of bribery. The €2 million worth procurement of Riga's public transportation company 'Rīgas satiksme' turned out to be a problem, followed by the sales of the company co-owned by Krsek shortly before the legal investigation was commenced. Money raised from selling 'Škoda Transportation' were used to found investment company 'BHM Group' which a few years later scandalously tried to take control of one of the largest pharmaceutical companies not only in Latvia but the whole of Europe – 'Olainfarm'. A subsidiary of 'BHM Group' has lost in almost ten cases regarding this case. His past business failures in Latvia don’t mean he has given up trying to break into the Latvian business environment. He now hopes to invest hundreds of millions of euros into potentially the largest wind farm ever built in Latvia on its west coast.

The partnership of journalists from Latvia and the Czech Republic has dedicated resources to investigate the background of corruption cases and activities of a Czech business group in three different industries – transportation, pharma and renewable energy.


Journalist since 20 years, currently freelance reporter, since 2021 writing for investigative website