Citibank's $434 million claim against Czech miner should be eligible: CTK

FILE PHOTO: A Citibank branch is seen in Santa Monica, California, U.S. March 19, 2018. REUTERS/Lucy Nicholson/File Photo

PRAGUE (Reuters) - A Czech court ruled that Citibank's C.N claim to debt worth over 10 billion crowns ($434.10 million) owed by Czech miner OKD was eligible, CTK news agency reported on Wednesday.

CTK reported OKD’s former insolvency administrator and representative of the state, which now owns OKD’s mining operations, both said they would appeal the ruling.

OKD filed for insolvency in 2016 while a unit of miner New World Resources, which went into liquidation that year. OKD’s insolvency administrator rejected Citibank’s claim, leaving it out of proceedings.

The state later acquired OKD, which employs around 9,000 in the country’s industrial northeast.

Reporting by Jason Hovet and Robert Muller