Tuesday, January 4, 2011

Orco's Chief Executive Is Detained in Croatia in connection with Resort development

Jean-Francois Ott, chief executive officer of east European developer Orco Property Group SA was questioned by police in Zagreb in connection with a criminal investigation into a luxury island resort development.

Two officers took Ott from a Zagreb hotel this morning after he finished a briefing with reporters, company spokeswoman Petra Zdenkova said by phone today. The shares sank 4 percent to 178.96 koruna in Prague, the lowest in more than a month. Zdenkova said Ott cooperated with police before his late- afternoon release.

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