Public source materials on Pavol Krúpa and RYG Investments

The CNB did not authorize Pavol Krúpa to manage the Arca Capital CEE fund

Feb 7, 2018

Euro.cz reports that the Czech National Bank did not authorize Pavol Krúpa to manage the Arca Capital CEE investment fund, relying on an assessment of trustworthiness and an earlier record of sanctions. In the article Krúpa says he has no idea what the CNB can hold against him; according to the paper he admits past shortcomings but does not regard them as a reason to reject the application.

A contemporary media summary of the regulatory outcome; we present it as a secondary source.

Krupa Global Investments: CNB fine in the MONETA Money Bank matter

Jan 22, 2019 / Apr 11, 2019

The CNB decision concerns a failure to comply with the notification duty after crossing the 1% voting-rights threshold in MONETA Money Bank; the fine imposed was CZK 50,000 (about EUR 2,000).

This is a strong primary source; according to the document, the administrative appeal (rozklad) was dismissed and the first-instance decision upheld.

CNB: action concerning Juraj Krúpa in the context of Arca Capital

Aug 27, 2021

The second CNB document concerns Juraj Krúpa and his acting in a senior management role at the fund without the regulator's prior approval.

The document does not directly concern Pavol Krúpa or RYG; we present it only as wider context on the people and funds associated with Arca Capital.

Federal court in South Carolina: default judgment in Bakala v. Krupa

Aug 10, 2021

The document published on Justia concerns Zdeněk Bakala v. Pavol Krúpa and describes the procedural outcome after Pavol Krúpa, according to that document, ceased responding properly in the proceedings.

After the entry of default for procedural inactivity, the court considered a motion for default judgment. It granted the motion in part, holding the tortious interference claim and the damages determination in abeyance for a separate evidentiary hearing. The decision expressly distinguishes well-pleaded factual allegations from legal conclusions and the amount of damages.

A US judgment awarded Zdeněk Bakala USD 32,406,146.94 (about EUR 29 million)

Sep 20, 2021

The text of the decision records an award of USD 25,906,146.94 (about EUR 23 million) in the category described as actual damages, including the tripling that the US RICO statute allows in organised crime cases, and costs. A further USD 6.5 million (about EUR 5.9 million) was awarded in the category described as punitive damages.

A primary source for the amount awarded; we present the amount and its structure as stated in the decision.

Index: court rejected the Arca Investments restructuring plan

Dec 10, 2025

Index reports that after five years a court rejected the Arca Investments restructuring plan and the group is close to bankruptcy. RYG Investments, an active creditor, called the outcome its victory; the newsroom transparently noted that it had obtained the unpublished court decision from Pavol Krúpa.

This source documents RYG's active role as a creditor in this matter and identifies one newsroom-disclosed instance in which it obtained a decision from Pavol Krúpa; it does not establish a general practice. This is a secondary media source.

The Regional Court in Prague recognized part of the US judgment

Feb 10, 2026

Seznam Zprávy reports that the Regional Court in Prague recognized part of the US judgment in the amount of roughly USD 18.7 million, that is about EUR 17 million (CZK 381 million), which makes enforcement possible in Czechia; the recognized parts concern damages, legal costs and harm to reputation and emotional distress. According to the article, Krúpa ran the campaign against Bakala from 2016 to 2018 and, through an intermediary, demanded USD 23 million (about EUR 21 million). According to the US judgment, the hired American firm also staged a fake protest outside the school attended by Bakala's children.

We present it as a secondary news summary of the Czech procedural development until the decision itself is added.

Denník E: Krúpa challenges the ZFP Investments acquisition

Apr 1, 2026

Denník E describes complaints submitted by Pavol Krúpa to the Czech National Bank and competition authorities concerning Tomáš Spuchliak's acquisition of the ZFP Investments fund; Spuchliak rejects the claims and has sued Pavol Krúpa.

A media account of one dispute concerning another businessperson; by itself it does not establish a general pattern and it is not a court decision.

OKD/Bakala: criminal complaint ended without any crime being established

Sep 13, 2021

HlídacíPes reports that the investigation of alleged misconduct involving OKD was closed with the conclusion that no crime had been committed.

A secondary media summary of the outcome; without the underlying decision, we do not use it as evidence of the reasons for that decision.

Serbina Consulting: an unsuccessful dispute over Bakala's former apartments

Aug 7, 2020

HlídacíPes reports that the appellate court issued a final decision dismissing a lawsuit brought by a company that the article describes as formerly associated with Pavol Krúpa, in a case concerning the sale of Bakala's former apartments.

A supplementary point; without the direct text of the judgment we do not treat it as core evidence.

iROZHLAS: protests concerning MONETA and Bakala

Oct 24, 2018

iROZHLAS records statements about protests concerning MONETA and the Bakala/OKD matters, including reactions from Tomáš Spurný and Pavol Krúpa.

A media description of the protests and the parties' statements; not standalone court evidence.

iROZHLAS: Krúpa acknowledges indirectly financing a demonstration against OKD

Oct 17, 2018

In an interview for Czech Radio Plus, according to iROZHLAS, Pavol Krúpa acknowledged that he had indirectly financed the demonstration against OKD and asked what was unethical about it.

A statement by Pavol Krúpa himself as reported by the media; it supplements the preceding card on the protests. This is a secondary media source.

MONETA reports success in another dispute with Pavol Krúpa

Feb 27, 2020

MONETA states on its own website that it prevailed in another of its disputes with Pavol Krúpa; as a source, this is a statement by an interested party.

A supplementary source concerning the MONETA disputes; it is not a court document or an independent source but a statement by a party to those disputes.

iROZHLAS: Adam Swart apologized to Zdeněk Bakala

Feb 26, 2020

iROZHLAS reports on Adam Swart's apology and on claims that Crowds on Demand was hired for a hostile campaign against Bakala. Through a spokesperson, Pavol Krúpa denied any link to the campaign.

It supplements the US court materials with claims reported in the media and the subsequent apology; we present it separately from the court decisions.

HlídacíPes: according to a US decision, the campaign was said to involve paid demonstrators and a USD 23 million (about EUR 21 million) demand

Aug 17, 2021

HlídacíPes summarizes the verdict of the federal court in South Carolina of August 10, 2021. According to the article, the court found that Pavol Krúpa organized actions against Zdeněk Bakala and demanded USD 23 million (about EUR 21 million) to end the pressure. The article describes hired demonstrators outside the Bakala family home in Hilton Head and critical emails and phone calls to institutions associated with Bakala. According to the article, Krúpa had until then denied any connection with the campaign. The published campaign orders do not bear his signature, the article says, but point to the involvement of his nephew Juraj Krúpa and his then spokesperson in the planning; Juraj Krúpa told the newsroom he saw no reason to respond as he was not aware of any lawsuit from Bakala.

This is a secondary media summary; for the procedural significance and precise wording of the findings, the primary court document cited above takes precedence. Pavol Krúpa denies any involvement in the campaign.

HlídacíPes: court filings indicate Krúpa companies paid the agency almost USD 1.5 million (about EUR 1.4 million)

Mar 10, 2021

HlídacíPes reports that, according to court filings, Adam Swart received almost USD 1.5 million (about EUR 1.4 million) from Pavol Krúpa's companies in 2018 and 2019 for the campaign against Zdeněk Bakala.

A secondary media summary of the content of court filings; we do not present the filings themselves. Pavol Krúpa denies any involvement in the campaign.

Bakala v. Krupa - US judgment of USD 32.4 million (about EUR 29 million)

The federal court in South Carolina awarded Zdeněk Bakala USD 25,906,146.94 (about EUR 23 million) in the category described as actual damages and USD 6.5 million (about EUR 5.9 million) in the category described as punitive damages.

OKD: criminal complaint without any crime being established

HlídacíPes reports that the investigation into alleged misconduct involving OKD was closed with the conclusion that no crime had been committed, and that a challenge to that decision, brought by a successor company of OKD, was unsuccessful.

Serbina Consulting - dispute over Bakala's former apartments

HlídacíPes reports that the appellate court issued a final decision dismissing the lawsuit concerning the sale of Bakala's former apartments.

The CNB did not authorize Pavol Krúpa to manage the Arca Capital CEE fund

Euro.cz reports that the CNB did not authorize Pavol Krúpa to manage the Arca Capital CEE investment fund.

MONETA Money Bank - another dispute with Pavol Krúpa

MONETA states on its own website that the High Court in Prague upheld the dismissal of the action in 2020 and that this is another in a series of decisions in its favor; this is a statement by an interested party.

Crowds on Demand - apology to Zdeněk Bakala

iROZHLAS reports that, after a settlement, Adam Swart publicly apologized to Zdeněk Bakala for the hostile campaign run by the Crowds on Demand agency. According to the apology cited by the outlet, it included protests near Bakala's residence in Hilton Head and pressure on institutions he was associated with - Dartmouth College, the Aspen Institute and the Design Museum.