Křetínský’s business links urged to be scrutinized by Badenoch in Royal Mail bid

The business secretary, Kemi Badenoch, is facing mounting pressure to scrutinize the Royal Mail bidder Daniel Křetínský over his business connections, following revelations of controversial global property deals involving his longtime business partners. The Czech billionaire’s £3.57bn bid for the historic institution is set to undergo a review under the National Security and Investment Act.

Despite the government not expressing any fundamental objections to the takeover, concerns have been raised about Křetínský’s enigmatic background and the potential implications of the acquisition. The board of Royal Mail’s parent company has already endorsed the bid, with shareholders set to vote on the matter in September.

Dave Ward, the general secretary of the Communication Workers Union, emphasized the need for thorough scrutiny of the takeover bid, citing past mismanagement of the company and the risks associated with a change in ownership. Transparency International also stressed the importance of rigorous due diligence to assess the suitability of buyers for critical infrastructure like Royal Mail.

Questions have been raised about the involvement of Křetínský’s business partner Patrik Tkáč and their investment group J&T in the bid, particularly in relation to controversial property deals. The upcoming meeting between Badenoch and Křetínský is expected to shed light on these concerns, as shareholders prepare to vote on the takeover at the annual general meeting in September.