Arca Capital was spending too much on consulting services
The insolvent group Arca Capital, namely, its key firm Arca Investments, paid a hefty €21.7m to acquisition advisors last year (and €15.1m in 2018). Media say this was either incompetence or a way to siphon money out of the group. Arca explains away the high bills by challenging acquisitions in neighboring countries where it was in need of international law and auditor services. The much larger Penta pays €5-7m annually for such services, Hartenberg (Andrej Babiš) €0.3m annually and Ján Sabol pays roughly 1% of purchase price.