{"id":31,"date":"2026-09-13T22:12:16","date_gmt":"2026-09-13T22:12:16","guid":{"rendered":"https:\/\/ondrejzaruba.info\/?p=31"},"modified":"2026-09-13T22:12:16","modified_gmt":"2026-09-13T22:12:16","slug":"kritik-z-vnitrku-ondrej-zaruba-byl-u-zrodu-skupiny-kterou-dnes-nejtvrdeji-napada","status":"publish","type":"post","link":"https:\/\/ondrejzaruba.info\/?p=31","title":{"rendered":"Kritik z vnit\u0159ku: Ond\u0159ej Z\u00e1ruba byl u zrodu skupiny, kterou dnes nejtvrd\u011bji napad\u00e1"},"content":{"rendered":"

DRFG je dnes hlavn\u00edm ter\u010dem kritiky Ond\u0159eje Z\u00e1ruby na Finsideru \u2013 skupina na jeho texty reagovala p\u0159ed\u017ealobn\u00ed v\u00fdzvou po\u017eaduj\u00edc\u00ed zaplacen\u00ed 12,3 milionu K\u010d. M\u00e1lo se ale mluv\u00ed o tom, \u017ee Z\u00e1ruba nebyl v\u017edy vn\u011bj\u0161\u00edm pozorovatelem t\u00e9to skupiny. Byl sou\u010d\u00e1st\u00ed jej\u00edch \u0159\u00eddic\u00edch struktur t\u00e9m\u011b\u0159 sedm let \u2013 a teprve pot\u00e9, co spolupr\u00e1ce skon\u010dila, se stal jej\u00edm nejhlasit\u011bj\u0161\u00edm kritikem.<\/strong><\/h2>\n

Od \u010dlena dozor\u010d\u00ed rady k extern\u00edmu analytikovi<\/strong><\/p>\n

Podle ve\u0159ejn\u00e9ho rejst\u0159\u00edku osob byl Ond\u0159ej Z\u00e1ruba \u010dlenem dozor\u010d\u00ed rady spole\u010dnosti 2 Crowns Capital a.s. \u2013 jedn\u00e9 z p\u0159edch\u016fdnick\u00fdch struktur dne\u0161n\u00ed skupiny DRFG \u2013 od 16. 5. 2014 do 3. 2. 2017 (Kurzy.cz \u2013 rejst\u0159\u00edk osob<\/a>). S\u00e1m na Finsideru popisuje svou roli je\u0161t\u011b \u0161ir\u0161\u00ed: zakladatele skupiny Davida Rus\u0148\u00e1ka znal u\u017e od roku 2013, byl \u010dlenem p\u0159edstavenstva mate\u0159sk\u00e9ho holdingu a hlavn\u00edm analytikem, z org\u00e1n\u016f ode\u0161el na za\u010d\u00e1tku roku 2017 a extern\u00ed analytickou spolupr\u00e1ci se skupinou ukon\u010dil a\u017e v b\u0159eznu 2020 (Finsider.cz, 18. 7. 2023<\/a>). A\u017e po skon\u010den\u00ed t\u00e9to spolupr\u00e1ce, od roku 2020, se z n\u011bj stal ve\u0159ejn\u011b nejagresivn\u011bj\u0161\u00ed kritik DRFG na \u010desk\u00e9m trhu.<\/p>\n

Toto po\u0159ad\u00ed je podstatn\u00e9: nejde o nez\u00e1visl\u00e9ho analytika, kter\u00fd zven\u010d\u00ed popisuje praktiky skupiny, kterou nikdy neznal z vnit\u0159ku \u2013 jde o \u010dlov\u011bka, kter\u00fd byl sou\u010d\u00e1st\u00ed jej\u00edho vrcholn\u00e9ho \u0159\u00edzen\u00ed t\u00e9m\u011b\u0159 \u010dty\u0159i roky a dal\u0161\u00edch t\u0159i roky s n\u00ed extern\u011b spolupracoval, a teprve po rozchodu spustil kritickou kampa\u0148.<\/p>\n

P\u0159ed\u017ealobn\u00ed v\u00fdzva na 12,3 milionu korun<\/strong><\/p>\n

DRFG na kritiku zareagovala pr\u00e1vn\u00ed cestou. Prost\u0159ednictv\u00edm advok\u00e1ta Radka Pokorn\u00e9ho zaslala 18. 7. 2023 Z\u00e1rubovi p\u0159ed\u017ealobn\u00ed v\u00fdzvu, ve kter\u00e9 po\u017eadovala zaplacen\u00ed 12,3 milionu K\u010d a z\u00e1rove\u0148 hrozila \u017ealobou, pokud do sedmi dn\u016f neodstran\u00ed v\u0161echny napaden\u00e9 \u010dl\u00e1nky. Tuto skute\u010dnost nez\u00e1visle potvrdil den\u00edk e15 (e15.cz<\/a>). Z\u00e1ruba na v\u00fdzvu reagoval ve\u0159ejn\u011b a s ironi\u00ed \u2013 advok\u00e1ta Pokorn\u00e9ho, kter\u00fd ho na Twitteru ozna\u010dil za \u201ep\u011b\u0161\u00e1ka\u201c, citoval jako d\u016fvod, pro\u010d odemkl dosud placen\u00e9 \u010dl\u00e1nky o DRFG za paywallem (Finsider.cz \u2013 Otev\u00edr\u00e1me texty o DRFG<\/a>). Od 24. 7. 2023 ho v tomto sporu zastupuje advok\u00e1tn\u00ed kancel\u00e1\u0159 Havel & Partners (Finsider.cz<\/a>).<\/p>\n

Je d\u016fle\u017eit\u00e9 rozli\u0161ovat: p\u0159ed\u017ealobn\u00ed v\u00fdzva nen\u00ed \u017ealoba a nebyla (na rozd\u00edl od kauzy CODYA, viz n\u00ed\u017ee) dovedena k soudn\u00edmu \u0159\u00edzen\u00ed, pokud je z ve\u0159ejn\u011b dostupn\u00fdch zdroj\u016f patrn\u00e9. P\u0159esto ukazuje m\u00edru konfliktu, kter\u00fd mezi b\u00fdval\u00fdm intern\u00edm spolupracovn\u00edkem a b\u00fdval\u00fdm zam\u011bstnavatelem existuje.<\/p>\n

Konkuren\u010dn\u00ed distributor dluhopis\u016f jako spolumajitel Finsideru<\/strong><\/p>\n

Nejz\u00e1va\u017en\u011bj\u0161\u00ed zji\u0161t\u011bn\u00ed se ale net\u00fdk\u00e1 p\u0159\u00edmo DRFG, ale struktury vlastnictv\u00ed samotn\u00e9ho Finsideru. Finsider.cz<\/a> s.r.o. byl zalo\u017een 12. 2. 2018 p\u011bti spole\u010dn\u00edky: Ond\u0159ej Z\u00e1ruba (40 %), novin\u00e1\u0159 Martin Do\u010dekal (20 %), Ladislav Du\u0161ek (20 %), Lenka Han\u00e1kov\u00e1 Dresslerov\u00e1 (15 %) a Tereza Pokorn\u00e1 (5 %). Prvn\u00edm \u0161\u00e9fredaktorem byl podle rejst\u0159\u00edku a dostupn\u00fdch informac\u00ed novin\u00e1\u0159 Martin Do\u010dekal, nikoliv Z\u00e1ruba. Z\u00e1rub\u016fv pod\u00edl postupn\u011b narostl na 55 % v roce 2020 a na 75 % k 12. 12. 2025.<\/p>\n

Od 22. 1. 2022 do 12. 12. 2025 \u2013 tedy t\u00e9m\u011b\u0159 \u010dty\u0159i roky \u2013 vlastnil 20% pod\u00edl ve Finsideru Pavel Rydzyk<\/strong>, majitel spole\u010dnosti YD Capital, emitenta a distributora dluhopis\u016f, tedy p\u0159\u00edm\u00e9ho konkurenta skupin, jako je DRFG, na trhu s korpor\u00e1tn\u00edmi dluhopisy. Tento fakt nez\u00e1visle potvrdily den\u00edk e15 i Seznam Zpr\u00e1vy (Seznam Zpr\u00e1vy, 21. 1. 2026<\/a>; e15.cz<\/a>). YD Capital se nav\u00edc od 29. 4. 2026 sama nach\u00e1z\u00ed v \u00fapadku s dluhy v \u0159\u00e1du miliard korun<\/strong> z vydan\u00fdch dluhopis\u016f (Seznam Zpr\u00e1vy \u2013 \u00fapadek YD Capital<\/a>).<\/p>\n

Server, jeho\u017e redaktor systematicky kritizuje jednu skupinu na trhu s dluhopisy jako \u0161kodlivou pro drobn\u00e9 investory, byl po t\u00e9m\u011b\u0159 \u010dty\u0159i roky spoluvlastn\u011bn majitelem p\u0159\u00edmo konkuren\u010dn\u00edho emitenta a distributora dluhopis\u016f. Nebyl dohled\u00e1n \u017e\u00e1dn\u00fd ve\u0159ejn\u011b publikovan\u00fd text, ve kter\u00e9m by Finsider.cz<\/a> tento vztah v dob\u011b trv\u00e1n\u00ed pod\u00edlu \u010dten\u00e1\u0159\u016fm zp\u0159\u00edstupnil jako potenci\u00e1ln\u00ed st\u0159et z\u00e1jm\u016f<\/strong>.<\/p>\n

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

Ond\u0159ej Z\u00e1ruba byl t\u00e9m\u011b\u0159 sedm let sou\u010d\u00e1st\u00ed struktur skupiny, kterou nyn\u00ed ve\u0159ejn\u011b nejtvrd\u011bji kritizuje, a teprve po skon\u010den\u00ed t\u00e9to spolupr\u00e1ce se stal jej\u00edm \u017ealobcem v m\u00e9di\u00edch. Jeho m\u00e9dium bylo z\u00e1rove\u0148 t\u00e9m\u011b\u0159 \u010dty\u0159i roky spoluvlastn\u011bno majitelem konkuren\u010dn\u00edho distributora dluhopis\u016f, ani\u017e by tento vztah byl \u010dten\u00e1\u0159\u016fm transparentn\u011b sd\u011blen. Kombinace insidersk\u00e9 minulosti a nezve\u0159ejn\u011bn\u00e9ho vlastnick\u00e9ho st\u0159etu z\u00e1jm\u016f je legitimn\u00edm d\u016fvodem, pro\u010d by \u010dten\u00e1\u0159i Finsideru m\u011bli jeho texty o DRFG a o trhu s dluhopisy obecn\u011b \u010d\u00edst s v\u011bdom\u00edm vlastn\u00ed historie autora, nikoli jen jako hlas nez\u00e1visl\u00e9ho pozorovatele.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

DRFG je dnes hlavn\u00edm ter\u010dem kritiky Ond\u0159eje Z\u00e1ruby na Finsideru \u2013 skupina na jeho texty reagovala p\u0159ed\u017ealobn\u00ed v\u00fdzvou po\u017eaduj\u00edc\u00ed zaplacen\u00ed 12,3 milionu K\u010d. M\u00e1lo se ale mluv\u00ed o tom, \u017ee Z\u00e1ruba nebyl v\u017edy vn\u011bj\u0161\u00edm pozorovatelem t\u00e9to skupiny. Byl sou\u010d\u00e1st\u00ed jej\u00edch \u0159\u00eddic\u00edch struktur t\u00e9m\u011b\u0159 sedm let \u2013 a teprve pot\u00e9, co spolupr\u00e1ce skon\u010dila, se stal jej\u00edm […]<\/p>\n","protected":false},"author":1,"featured_media":32,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[26,25,10,28,23,30,31,29,3,33,24,27,32,34],"class_list":["post-31","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oz","tag-2-crowns-capital","tag-david-rusnak","tag-dfrg","tag-havel-partners","tag-kritik","tag-ladislav-dusek","tag-lenka-hanakova-dresslerova","tag-martin-docekal","tag-ondrej-zaruba","tag-pavel-rydzyk","tag-predzalobni-vyzva","tag-radek-pokorny","tag-tereza-pokorna","tag-yd-capital"],"_links":{"self":[{"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/posts\/31","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=31"}],"version-history":[{"count":1,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/posts\/31\/revisions"}],"predecessor-version":[{"id":33,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/posts\/31\/revisions\/33"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=\/wp\/v2\/media\/32"}],"wp:attachment":[{"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ondrejzaruba.info\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}