Petr Kellner’s death results in biggest wealth transfer in Czech Republic history
The recent death of Petr Kellner, the richest person in the Czech Republic, triggered the biggest wealth transfer in the country’s history. Kellner was the richest person in the Czech Republic at the time of his death. He and four other people died in a helicopter crash in the remote backcountry of Alaska while on a heli-skiing expedition last month. The helicopter crashed about 50 miles northeast of Anchorage and slid 800 to 900 feet into the mountain. Kellner was a guest at a luxury heli-skiing resort at the time of his tragic death.
Much of his $ 19 billion net worth will pass to his wife and four children. However, it is unclear how to inherit his PPF Group NV, which has $ 52 billion in assets. One thing that is known is that his wife and children did not have important roles in the day-to-day operations of his business.
Kellner was born in what was then Czechoslovakia in 1964. He studied economics and sold Ricoh photocopiers following the fall of the Soviet Union in 1989. The new capitalist country began to distribute exchangeable vouchers against company shares. Kellner jumped at this opportunity.
In 1991, he created a company which would later acquire stakes in more than 200 companies. This company has evolved into today’s PPF. PPF has interests in finance, telecommunications, biotechnology, media, and manufacturing. The Home Credit division of PPF, founded in 1997, is one of the largest consumer lenders in Central and Eastern Europe and operates in a number of countries including India, Indonesia and China.
At stake in his death is PPF’s agreement to take over Moneta Money Bank of Prague as well as the potential sale of the minority stake that PPF holds in telecommunications infrastructure company Cetin Group BV.
PPF CFO Katerina Jiraskova expects the Moneta merger to continue, according to an interview with Czech newspaper Hospodarske Noviny.
Kellner and his wife Renata co-founded the Kellner Family Foundation. The foundation donates to education, health and cultural causes. It is presumed that this foundation will receive a share of its inheritance.
Kellner was a very family oriented man. The family owns a private Gulfstream G500 jet and a resort town in the British Virgin Islands.