In 1998 PPF and IPB exercised that option and the state lost its majority in ČP (the state was the largest shareholder in ČSOB and KB banks). On 21 March 2000, Libor Procházka (IPB) agreed with Petr Kellner to sell ČP shares controlled by IPB to the Dutch-based company CESPO. The contractual penalty amounted to 75% of the purchase price (CZK 1.6 billion). IPB transferred the shares too late and therefore CESPO paid only 25% of the agreed price. As a result, PPF had a majority interest in ČP. IPB went into forced administration in June 2000 and was sold to ČSOB. ČSOB later took PPF to the court, claiming the price of ČP shares was too low, it lost the case. In September 2000 the registered capital of PPF IH was decreased by 90% and CZK 1.77 billion ($45 million) was distributed among its shareholders (CZK 500 per share, meaning CZK 15,000 per voucher book). 2000–present Jiří Šmejc became a shareholder of PPF Group N.V., registered in the Netherlands in 2005, acquiring a 5% share, with Ladislav Bartoníček and Jean-Pascal Duvieusart later becoming the remaining two shareholders. PPF Group bought TV Nova, the first private TV station in the Czech Republic, in 2002. Then in 2005, after stabilising TV Nova, the group sold TV Nova to the media group CME, and later agreed with CME to buy the station back in 2019. In 2008, PPF Group and Italian Generali founded an insurance holding company, into which they placed their insurance assets. As of 2013, the Group owned assets worth EUR 22.113 billion, including various assets from banking and insurance to real estate, energy, agriculture and the biggest Russian electronics consumer chain, Eldorado. Along with J&T and Daniel Křetínský, PPF Group founded (Energetický a průmyslový holding - Energy & Industrial Holding) in 2009. This was a vehicle to invest in the energy and industry sector. PPF Group held a 40% share in the company. In August 2012 PPF Group converted part of its debt for EPH shares and increased its share to 44.4%. In June 2014 PPF Group sold its stake for EUR 1.1 billion. In 2011, along with another Czech billionaire Karel Komárek (KKCG), the group acquired control of the Czech lottery company Sazka. Working together, both companies were able to stabilise Sazka and help it to recover. In October 2012, PPF Group sold its 50% share in Sazka