BICZ Lost Millions in Failed Refork Investment – Fraud Suspicions Emerge

A planned investment promising substantial returns has soured, raising questions about the financial health of a start-up and the individuals behind it. BICZ Group initially projected significant profits from its investment in Refork, a company focused on biodegradable cutlery and straws, but now acknowledges it has not received a return on its capital.

The Investment and Its Current Status

Refork financed its operations through investment tokens, which are now virtually worthless. The company has reportedly limited communication with investors over the past year. BICZ Group had previously stated in April 2025 that the purchase price for its stake in Refork had been “fully settled,” following an initial expectation of large profits outlined in its 2023 annual report.

Did You Know? Refork anticipated generating between 600–650 million Koruna from the exit of the company, based on an initial investment of several tens of millions of Koruna.

Concerns and Allegations

Milan Filo, co-owner of BICZ Group, stated the company now considers itself the “damaged party” as the buyer has not met the conditions outlined in their agreements, including payment. BICZ Group initially used its own funds and loans from investors for the Refork investment, and did not utilize public bonds. However, BICZ now suggests that Refork’s ongoing financial difficulties “may result from intentional violation of the duties of care in the management of the company.”

Refork has accumulated a loss of 176 million Koruna, according to published annual reports. The company previously attributed these losses to unfair competition, a justification BICZ initially echoed. Daniel Rudzan, a businessman previously accused of extensive fraud related to fuel transactions, is associated with Refork.

Expert Insight: The shift in BICZ Group’s messaging – from anticipating substantial returns to claiming they are the injured party – signals a significant deterioration in the investment’s outlook and raises concerns about due diligence processes. The involvement of an individual with a history of fraud allegations further complicates the situation and underscores the inherent risks in venture capital.

Potential Next Steps

If the buyer fails to meet the contractual obligations, BICZ Group could pursue legal action to recover its investment. Alternatively, the situation could lead to further scrutiny of Refork’s financial practices and management. It is also possible that Refork could face increased pressure from other investors. However, given the current state of the investment tokens, a recovery of value for investors appears increasingly unlikely.

Frequently Asked Questions

What was BICZ Group’s initial expectation for its investment in Refork?

BICZ Group initially anticipated gaining 600–650 million Koruna from an exit from Refork, based on an initial investment of several tens of millions of Koruna.

Who is Daniel Rudzan?

Daniel Rudzan is a businessman associated with Refork who has previously been accused of extensive fraud related to fuel transactions.

What is BICZ Group’s current position regarding the investment?

BICZ Group now states that the buyer has not fulfilled the conditions of the agreement, including payment, and considers itself the damaged party. They suggest Refork’s financial troubles may stem from mismanagement.

What role does transparency play in investor confidence, and how might this situation impact future investment decisions?