Michal Kovac is a former Slovakian politician who became the country’s first president when the position was created by the country’s constitution in 1993, following Slovakia’s permanent separation from Czechoslovakia. The position, which had been vacant for the first few weeks of the Slovak Republic’s establishment, was filled by Kovac, who was elected president by the Slovak Republic’s National Council. He was the final Speaker of Czechoslovakia’s federal Parliament before the country peacefully divided into Czech and Slovak republics in January 1993. Kovac, a former banker who worked at a number of well-known institutions prior to entering politics, brought a wealth of knowledge and experience regarding financial and economic issues with him. Prior to his election as Slovakia’s first President, he served as Chairman of the Czech and Slovak Federal Republic’s Federal Assembly. He was a co-founder of the Movement for a Democratic Slovakia in the early 1990s and was instrumental in preparing for the dissolution of Czechoslovakia. He had strained relations with Slovakia’s Prime Minister, Vladimr Meiar, which deteriorated further after he became president.
Childhood & Adolescence
Michal Kovac was born in ubia, Czechoslovakia, on 5 August 1930. He enrolled in the University of Economics in Bratislava after completing his high school education. As a student, he developed a strong interest in banking systems and financial issues.
He was also politically interested from an early age and contributed significant analysis to the Socialist system based on Soviet documentation. As a young man, he developed relationships with the country’s most powerful Communist political leaders and quickly became familiar with the country’s political system.
Career of Michal
After completing his education, he pursued a career in banking. He then worked at a variety of banks, including the Státn banka eskoslovenská.
He enjoyed a prosperous banking career. He was diligent, intelligent, and determined, and he gained extensive knowledge about the operation of banks and the country’s financial system. Throughout his career, he traveled to and worked in locations such as London and Cuba in the 1960s.
In 1989, the Velvet Revolution ushered in a period of political upheaval and power transition in what was then Czechoslovakia. Students and other dissidents staged several nonviolent protests and demonstrations against the Communist Party of Czechoslovakia’s one-party government.
Kovac was appointed Finance Minister of the Slovak (Socialist) Republic during the Velvet Revolution, a position he held from December 1989 to May 1991.
He co-founded the ‘Movement for a Democratic Slovakia’ with other like-minded individuals in early 1991. He also served as the movement’s vice-chairman, under the leadership of his friend Vladimir Meciar.
He was also elected to the Czechoslovakia’s Federal Assembly in the early 1990s. The assembly was the Czechoslovakia’s federal parliament, the country’s highest legislative body.
He was elected Chairman of the Federal Assembly following the 1992 election and served in that capacity from 25 June to 31 December 1992.
He, along with Meciar, was instrumental in preparing for Czechoslovakia’s dissolution. On 1 January 1993, the former federal state of Czechoslovakia was divided into the Czech Republic and Slovakia. This incident earned the moniker ‘Velvet Divorce’.
was a member of Vladimir Meciar’s People’s Party – Movement for a Democratic Slovakia. Following the Velvet Divorce, Meciar became Prime Minister and Kovac was elected President of Slovakia in February 1993 by the National Council of Slovakia due to his association with the party.
On 2 March 1993, he was inaugurated as Slovakia’s first President. However, after assuming the presidency, tensions developed between him and his former ally, Meciar, and their relationship deteriorated.
He eventually became a vocal critic of the Meciar administration, delivering a scathing presidential address to the legislature in March 1994. He was instrumental in deposing the Meciar government.
Relations between former allies Kovac and Meciar deteriorated over time, and Ková’s (formal) membership in the Movement for a Democratic Slovakia was terminated in 1995.
Kovac’s presidency ended on 2 March 1998, following several contentious clashes with Meciar. He lost the country’s first direct presidential election in 1999 and thereafter kept a low profile, making only sporadic appearances at symbolic events.
Significant Works of Michal
He was instrumental in the peaceful dismemberment of Czechoslovakia into the Czech Republic and Slovakia.
Awards and Accomplishments
He was awarded the Order of the White Double Cross’s Grand Master and Grand Cross (or 1st Class).
In 1993, Kovac became the first recipient of the Golden Biatec Award, Slovakia’s highest honor bestowed by the Informal Economic Forum – Economic Club.
Personal History and Legacies
He is married to Emlia Kováová and together they have two children: Michael and Juraj. His son, who was being investigated by German authorities for financial crimes, was allegedly kidnapped and taken to Austria. Kovac charged the government and Meciar with staging the abduction.
Estimated Net Worth
Michal is one of the wealthiest World Leaders and is ranked on the list of the most popular World Leaders. Michal Kovac’s net worth is estimated to be around $6 million, based on our analysis of Wikipedia, Forbes, and Business Insider.
Trivia
According to media reports, Kovac is most likely suffering from Parkinson’s disease.