Prague appellate court has confirmed prison sentence for the fugitive businessman Viktor Kožený

A Prague court of appeals on Wednesday upheld the guilty verdict for the controversial fugitive businessman and founder of the fraudulent Harvard Funds, Viktor Kožený, and his associate Boris Vostrý. The 10-year prison sentence handed to Mr Kožený in absentia two years ago was upheld, while Mr Vostrý’s was lowered to nine years. The two men were found guilty of committing fraudulent practices that cost the fund’s investors 10 billion crowns. Mr Kožený founded the Harvard Funds in the early 1990’s and gained most of his capital thanks to the government’s so-called coupon privatization. He is an Irish citizen and is currently residing in the Bahamas, which have so far refused all requests for his extradition.

Author: Masha Volynsky