Police seek to resurrect fraud prosecution of Czech billionaire

22-04-2015

Police have recommended that criminal proceedings are revived and charges pressed against billionaire businessman Pavel Tykač for his part in the alleged tunnelling of CS Fondů, according to Czech Television. Charges were originally lodged against Tykač for his part in a 1.23 billion channelling of cash abroad from the three funds managed by the company in the late 1990s. They got back almost worthless shares in return. Czech prosecutors blocked previous moves to prosecute Tykač for his part in the massive fraud for lack of witnesses. Proceedings have been revived now by the police because three witnesses with testimony putting Tykač as the main organiser of the fraud have come forward. Tykač’s personal worth is estimated at around 30 billion crowns.