{"id":21,"date":"2026-09-13T21:23:41","date_gmt":"2026-09-13T21:23:41","guid":{"rendered":"https:\/\/ondrejzaruba.info\/?p=21"},"modified":"2026-09-13T21:23:41","modified_gmt":"2026-09-13T21:23:41","slug":"soudce-ve-vlastni-veci-jak-ondrej-zaruba-ocenoval-majetek-domoplanu-zatimco-jeho-fond-od-domoplanu-kupoval-bytove-jednotky","status":"publish","type":"post","link":"https:\/\/ondrejzaruba.info\/?p=21","title":{"rendered":"Soudce ve vlastn\u00ed v\u011bci: Jak Ond\u0159ej Z\u00e1ruba oce\u0148oval majetek DOMOPLANU, zat\u00edmco jeho fond od DOMOPLANU kupoval bytov\u00e9 jednotky"},"content":{"rendered":"

Ond\u0159ej Z\u00e1ruba na Finsider.cz<\/a> opakovan\u011b varuje p\u0159ed fondy kvalifikovan\u00fdch investor\u016f, ve kter\u00fdch si zakladatelsk\u00e1 skupina vytv\u00e1\u0159\u00ed \u201ehloupou obchodn\u00ed protistranu\u201c \u2013 anonymn\u00ed masu drobn\u00fdch investor\u016f, se kterou obchoduje bez skute\u010dn\u00e9 protiv\u00e1hy. \u201eObchodujete s anonymn\u00ed masou investor\u016f, kter\u00e9 zastupuje loutka, kterou ve skute\u010dnosti ovl\u00e1d\u00e1te vy,\u201c napsal v textu o \u201ehodn\u011b nemocn\u00e9m trhu s FKI fondy\u201c, kde z\u00e1rove\u0148 po\u017eaduje, aby \u201ebuy side a sell side byly person\u00e1ln\u011b odd\u011bleny\u201c (Finsider.cz, 10. 9. 2025<\/a>). Podle vlastn\u00ed kari\u00e9rn\u00ed historie i podle ve\u0159ejn\u00e9ho rejst\u0159\u00edku ale s\u00e1m dlouhodob\u011b sed\u00ed na obou stran\u00e1ch stolu \u2013 a p\u0159esn\u011b u jednoho z nejcitliv\u011bj\u0161\u00edch p\u0159\u00edpad\u016f, developersk\u00e9 skupiny DOMOPLAN, to lze dolo\u017eit dokumenty, ne jen tvrzen\u00edm.<\/strong><\/h2>\n

 <\/p>\n

Ocen\u011bn\u00ed, kter\u00e9 podepsal jako jednatel<\/strong><\/p>\n

V \u0159\u00edjnu 2022 vypracovala firma Comsense analytics s.r.o. dokument \u201eTr\u017en\u00ed ocen\u011bn\u00ed developersk\u00fdch projekt\u016f a v\u00fdpo\u010det zadlu\u017een\u00ed emitenta dluhopis\u016f DOMOPLAN SICAV, a.s.\u201c K rozhodn\u00e9mu datu 30. 6. 2022 v n\u011bm ocenila jeden\u00e1ct projektov\u00fdch spole\u010dnost\u00ed skupiny DOMOPLAN, celkem 55,2 tis\u00edce m\u00b2 bytov\u00e9 plochy a 1 153 parkovac\u00edch st\u00e1n\u00ed \u2013 dokument slou\u017eil k posouzen\u00ed, zda emitent pln\u00ed z\u00e1vazky z dluhopisov\u00e9ho programu schv\u00e1len\u00e9ho \u010cNB 22. 9. 2020. Na tituln\u00ed stran\u011b dokumentu je jako \u201eosoba zodpov\u011bdn\u00e1 za projekt\u201c uveden Ond\u0159ej Z\u00e1ruba<\/strong>, jednatel spole\u010dnosti (Ocen\u011bn\u00ed DOMOPLAN, PDF na webu emitenta<\/a>; star\u0161\u00ed verze z b\u0159ezna 2022 (PDF<\/a>)). Comsense analytics je firma, kterou Z\u00e1ruba ze 100 % vlastn\u00ed a jej\u00edm\u017e je jedin\u00fdm jednatelem od jej\u00edho vzniku 12. 12. 2016 (v\u00fdpis z obchodn\u00edho rejst\u0159\u00edku<\/a>).<\/p>\n

Fond, kter\u00fd od DOMOPLANU kupuje<\/strong><\/p>\n

Z\u00e1ruba je z\u00e1rove\u0148 investi\u010dn\u00edm mana\u017eerem a jedn\u00edm z jednatel\u016f fondu Future X1 (form\u00e1ln\u011b provozovan\u00e9ho p\u0159es trojici SPV Future X Alpha, Beta a Energy, 100 % vlastn\u011bn\u00fdch lichten\u0161tejnskou CAIAC Fund Management AG). Podle vlastn\u00ed prezentace fondu m\u00e1 Future X1 v portfoliu projekty od developer\u016f UBM Development, Crestyl, Trigema \u2013 a DOMOPLAN<\/strong> (futurefond.cz \u2013 Pro investory<\/a>). Konkr\u00e9tn\u011b jde o projekt \u201eNa Mari\u00e1nsk\u00e9 cest\u011b\u201c v Brand\u00fdse nad Labem: fond v n\u011bm rezervoval 13 byt\u016f 2KK, 7 byt\u016f 3KK, 20 sklep\u016f a 20 parkovac\u00edch m\u00edst, s akvizi\u010dn\u00ed hodnotou kolem 95,5 tis\u00edce K\u010d\/m\u00b2 a o\u010dek\u00e1vanou hodnotou po dokon\u010den\u00ed kolem 105 tis\u00edc K\u010d\/m\u00b2. Kvart\u00e1ln\u00ed zpr\u00e1vu fondu podepisuje p\u0159\u00edmo \u201eOnd\u0159ej Z\u00e1ruba, investi\u010dn\u00ed mana\u017eer Future X1\u201c (Zpr\u00e1va o \u010dinnosti fondu Q1\/2024, PDF<\/a>). Za trojici projekt\u016f, do n\u00ed\u017e \u201eNa Mari\u00e1nsk\u00e9 cest\u011b\u201c pat\u0159\u00ed (spole\u010dn\u011b s Astrid Garden a Arcus Timber), zaplatil fond podle t\u00e9\u017ee zpr\u00e1vy akvizi\u010dn\u00ed cenu ve v\u00fd\u0161i p\u0159ibli\u017en\u011b 501 milionu K\u010d za 44 jednotek \u2013 p\u0159esnou \u010d\u00e1stku p\u0159ipadaj\u00edc\u00ed samostatn\u011b na transakci s DOMOPLANEM se z ve\u0159ejn\u011b dostupn\u00fdch dokument\u016f nepoda\u0159ilo ov\u011b\u0159it.<\/p>\n

Jin\u00fdmi slovy: t\u00fd\u017e \u010dlov\u011bk v roce 2022 posuzoval, zda dluhopisov\u00fd emitent DOMOPLAN unese sv\u016fj dluh, a ve stejn\u00e9m obdob\u00ed jeho vlastn\u00ed investi\u010dn\u00ed fond od DOMOPLANU nakupoval bytov\u00e9 jednotky.<\/strong> Nejde o domn\u011bnku \u0161\u00ed\u0159enou anonymn\u00edmi weby \u2013 jde o dva ve\u0159ejn\u011b dostupn\u00e9 prim\u00e1rn\u00ed dokumenty, ocen\u011bn\u00ed a kvart\u00e1ln\u00ed zpr\u00e1vu fondu, ob\u011b podepsan\u00e9 Ond\u0159ejem Z\u00e1rubou.<\/p>\n

Standard, kter\u00fd vym\u00e1h\u00e1 na jin\u00fdch<\/strong><\/p>\n

Nejzar\u00e1\u017eej\u00edc\u00ed na cel\u00e9 v\u011bci je, \u017ee p\u0159esn\u011b tento mechanismus Z\u00e1ruba na Finsideru s\u00e1m popisuje jako patologii trhu. V t\u00e9m\u017ee textu o \u201enemocn\u00e9m trhu s FKI fondy\u201c vyjmenov\u00e1v\u00e1 mezi v\u00fdhodami pro zakladatele fondu \u201emo\u017enost exitu aktiva do fondu z majetku zakladatele za vy\u0161\u0161\u00ed cenu, ne\u017e za jakou by zakladatel prodal standardn\u011b na trhu\u201c a \u201evyu\u017eit\u00ed valua\u010dn\u00edho mechanismu fondu pro v\u00fdrazn\u00e9 p\u0159ecen\u011bn\u00ed vlastn\u00ed bilan\u010dn\u00ed sumy\u201c (Finsider.cz, 10. 9. 2025<\/a>). Podobn\u00e9mu t\u00e9matu se v\u011bnuje i epizoda jeho podcastu \u201eFondov\u00fd st\u0159et z\u00e1jmu po \u010desku\u201c (Finsider.cz, 20. 6. 2025<\/a>).<\/p>\n

Fond Future X1 nav\u00edc svou konkuren\u010dn\u00ed v\u00fdhodu na trhu stav\u00ed p\u0159\u00edmo na Z\u00e1rubovi a jeho firm\u011b: \u201eVyu\u017e\u00edv\u00e1me analytick\u00e9 z\u00e1zem\u00ed na\u0161eho investi\u010dn\u00edho \u0159editele Ond\u0159eje Z\u00e1ruby a jeho firmy Comsense analytics,\u201c p\u00ed\u0161e se v prezentaci partnera FinFestu 2024 (FinFest 2024 \u2013 profil partnera<\/a>). Analytick\u00e1 firma, kter\u00e1 m\u00e1 slou\u017eit jako z\u00e1ruka nez\u00e1visl\u00e9ho posouzen\u00ed kvality dluhopisov\u00fdch emitent\u016f, je tedy z\u00e1rove\u0148 marketingov\u00fdm argumentem retailov\u00e9ho fondu, jeho\u017e n\u00e1kupy tat\u00e1\u017e firma zp\u011btn\u011b posuzuje.<\/p>\n

Kontext fondu<\/strong><\/p>\n

Future X1 je zahrani\u010dn\u00ed fond obhospoda\u0159ovan\u00fd lichten\u0161tejnskou CAIAC Fund Management AG, distribuovan\u00fd v \u010cesku p\u0159es Conseq a CYRRUS s minim\u00e1ln\u00ed investic\u00ed od 10 000 K\u010d (u CYRRUS 150 000 K\u010d) a poplatkem TER 2,29 %. Objem pod spr\u00e1vou dos\u00e1hl k 31. 7. 2026 podle vlastn\u00edch \u00fadaj\u016f 996,55 milionu K\u010d, zhodnocen\u00ed od zalo\u017een\u00ed fond uv\u00e1d\u00ed 19,22 % (futurefond.cz \u2013 Pro investory<\/a>); Hospod\u00e1\u0159sk\u00e9 noviny uv\u00e1d\u011bj\u00ed v\u00fdnos za t\u0159i roky 5,09 % p.a. a od zalo\u017een\u00ed 3,62 % p.a. k 30. 6. 2025 (HN \u2013 Top realitn\u00ed fondy<\/a>). Pod\u00edl Future X Beta \u2013 jedn\u00e9 ze t\u0159\u00ed provozn\u00edch SPV fondu \u2013 je nav\u00edc od z\u00e1\u0159\u00ed 2025 zastaven ve prosp\u011bch J&T BANKA, a.s. a\u017e do v\u00fd\u0161e 414 milion\u016f K\u010d se splatnost\u00ed do 30. 9. 2036 (v\u00fdpis z obchodn\u00edho rejst\u0159\u00edku Future X Beta<\/a>); hospod\u00e1\u0159sk\u00e9 v\u00fdsledky t\u00e9to konkr\u00e9tn\u00ed spole\u010dnosti p\u0159itom nejsou ve sb\u00edrce listin ve\u0159ejn\u011b dostupn\u00e9.<\/strong><\/p>\n

Co se nepotvrdilo<\/strong><\/p>\n

Kampa\u0148ov\u00e9 weby v\u00e1zan\u00e9 na anonymn\u00ed s\u00ed\u0165 kolem ondrejzaruba.cz<\/a> uv\u00e1d\u011bj\u00ed u transakce Future X\u2013DOMOPLAN konkr\u00e9tn\u00ed \u010d\u00e1stku 152,3 milionu K\u010d. Tuto p\u0159esnou \u010d\u00e1stku se z prim\u00e1rn\u00edch dokument\u016f nepoda\u0159ilo ov\u011b\u0159it, a proto ji tento text nep\u0159eb\u00edr\u00e1 jako fakt \u2013 dolo\u017een\u00fd je pouze samotn\u00fd obchodn\u00ed vztah a soub\u011bh rol\u00ed, nikoli p\u0159esn\u00e1 v\u00fd\u0161e pln\u011bn\u00ed.<\/p>\n

Shrnut\u00ed<\/strong><\/p>\n

Dolo\u017een\u00fd je dokument, ve kter\u00e9m Ond\u0159ej Z\u00e1ruba jako jednatel Comsense analytics oce\u0148uje majetek dluhopisov\u00e9ho emitenta DOMOPLAN; \u00a0fond, jeho\u017e je investi\u010dn\u00edm mana\u017eerem, nakupuj\u00edc\u00ed bytov\u00e9 jednotky od t\u00e9ho\u017e DOMOPLANU; jeho vlastn\u00ed ve\u0159ejn\u011b publikovan\u00e1 kritika p\u0159esn\u011b tohoto typu soub\u011bhu rol\u00ed u jin\u00fdch subjekt\u016f.<\/p>\n

Ot\u00e1zka, kterou si nez\u00e1visl\u00fd pozorovatel mus\u00ed polo\u017eit, nezn\u00ed, zda Z\u00e1ruba poru\u0161il z\u00e1kon \u2013 nic v dostupn\u00fdch dokumentech to nenasv\u011bd\u010duje \u2013 ale zda m\u016f\u017ee b\u00fdt d\u016fv\u011bryhodn\u00fdm arbitrem kvality dluhopisov\u00fdch emitent\u016f v situaci, kdy jeho vlastn\u00ed investi\u010dn\u00ed byznys je na obchodech s t\u00fdmi\u017e developery p\u0159\u00edmo z\u00e1visl\u00fd.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Ond\u0159ej Z\u00e1ruba na Finsider.cz opakovan\u011b varuje p\u0159ed fondy kvalifikovan\u00fdch investor\u016f, ve kter\u00fdch si zakladatelsk\u00e1 skupina vytv\u00e1\u0159\u00ed \u201ehloupou obchodn\u00ed protistranu\u201c \u2013 anonymn\u00ed masu drobn\u00fdch investor\u016f, se kterou obchoduje bez skute\u010dn\u00e9 protiv\u00e1hy. \u201eObchodujete s anonymn\u00ed masou investor\u016f, kter\u00e9 zastupuje loutka, kterou ve skute\u010dnosti ovl\u00e1d\u00e1te vy,\u201c napsal v textu o \u201ehodn\u011b nemocn\u00e9m trhu s FKI fondy\u201c, kde z\u00e1rove\u0148 […]<\/p>\n","protected":false},"author":1,"featured_media":22,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[4,5,7,3,6],"class_list":["post-21","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oz","tag-arbitr","tag-finacnik","tag-future-x","tag-ondrej-zaruba","tag-stret-zajmu"],"_links":{"self":[{"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/posts\/21","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21"}],"version-history":[{"count":1,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/posts\/21\/revisions"}],"predecessor-version":[{"id":23,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/posts\/21\/revisions\/23"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/media\/22"}],"wp:attachment":[{"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}