PPF Group is an international diversified investment group founded in 1991 in the Czech Republic. PPF Group invests in a variety of sectors, including banking and financial services, telecommunications, media, biotechnology, real estate and industry. The geographical reach of PPF Group spans Europe, North America and Asia. It is currently active in the Czech Republic, Slovakia, Serbia, Hungary, Switzerland, Ukraine, Turkey, Netherlands, Bulgaria, Croatia, Poland, Romania, Slovenia, Kazakhstan, Finland, Germany, India, Indonesia, Vietnam, Philippines, China, France, United Kingdom and the US. PPF Group was founded Petr Kellner, whose 98.93% shareholding passed to his wife Renata and their family upon his passing in March 2021. According to Forbes magazine, Mr Kellner was the wealthiest Czech. PPF Group’s other two shareholders are, and Jean-Pascal Duvieusart, each holding a 0.535% share. As of 31 December 2021, PPF Group's assets were worth EUR 42.2 billion. History The history of PPF dates back to the early 1990s. After the 1989 Velvet Revolution in what was then Czechoslovakia, the federal government led by prime minister Marián Čalfa decided to gradually privatise state-owned companies. A legal framework for privatisation was set down in Act No. 92/1991 passed on 26 February 1991. One of the agreed privatisation methods was voucher privatisation. Czechoslovak citizens who decided to take part in the voucher privatisation scheme had two options, to use their vouchers to either personally bid for shares in companies to be privatised or to exchange them for shares in privatisation funds, whose managers would then make the investment decisions. In September 1991 PPF was founded as a Teplice-based company called Správa prvního privatizačního fondu (literally Management of the First Privatisation Fund). It registered capital was CSK 100,000 ($3,300). Petr Kellner became its chairman, and the other board members were managing director Milan Vinkler and Petr Joudal. All of three were already entrepreneurs. In February 1991 Kellner founded the company ANO with Joudal and the company WIKA with Vinkler. To succeed in privatisation, PPF needed money for an advertising campaign, which it obtained from state-owned glassworks Sklo Union, also based in Teplice. Štěpán Popovič, board member of Sklo Union, formally introduced Kellner to the board, which in turn approved a CSK 20 million investment in the form of a capital increase and debt financing. In November 1991 the registered capital of PPF was increased to CSK 6.6 million ($226,000) and Joudal was replaced by Jaroslav Přerost, who was at the