Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

'Arms Fund' Launched

PRAGUE -- The Czech weapons consortium RDP has launched an investment fund designed to give Czechs a chance to show that they support reviving the country's arms trade.

The so-called "Weapons Fund" aims to invest citizens' coupons from the government's privatization program in engineering and military technology companies, RDP Group A.S. spokesman Jaroslav Hudec said in a statement.

The fund "will buy a controlling interest in a small number of companies, about 20, and will then fill the boards of directors of these firms and will attempt to influence the behavior of their management and operations," Hudec said.

Several companies in the RDP consortium are scheduled to have shares offered in the next privatization wave.

RDP urged Czechs to use investment in the fund as a "referendum on weapons production in the Czech Republic" in the face of international criticism.