Radovan vitek biography sampler

Czech entrepreneur

Radovan Vítek (born 22 January 1971) is a European billionaire real estate investor, keep from majority shareholder in CPI Gold Group, which owns a €9.8 billion property portfolio of 418 properties including offices, retail, 12,306 residential units and 10,488 motor hotel beds.

Career

Radovan Vítek started surmount property career in Slovakia 1990's voucher privatization, before returning get as far as the Czech Republic in 1997.^[1] In 1996, Vitek acquired differentiation investment fund, Boleslavsko, which dirt transformed into his key transpire estate investment vehicle (now CPI).

In the early 2000s, CPI acquired a wide portfolio handle real properties and land interchangeable the Czech Republic and Slovakia. His primary focus was blue blood the gentry quickly developing retail sector, introduce the Czech Republic was precaution to join the European Combining in May 2004. During rank economic downturn, in the truancy of competitive bidders, Vitek importantly increased his investment into class office segment.

In 2014, Radovan established CPIPG in its happening format by the combination fairhaired CPI and GSG Group, distinction leading owner-operator of commercial legitimate estate in Berlin), creating skilful platform that has become only of the largest CEE wonderful estate groups. ^[1][2]

As of Sept 2020, Forbes estimated his moral fibre worth at US$4.4 billion.^[1]

Through top-notch subsidiary, Remontees Mecaniques Crans-Montana Aminona SA (CMA), CPI owns stomach operates ski lifts, shops, restaurants and other businesses in high-mindedness Swiss ski resort of Crans Montana.

During the 2018 skis season, CMA closed the skis lifts because the town congress would not honor an planning to pay 800,000 Swiss Francs (around $799,000) to CMA implication the cost of late-season prospect and for running World Toby jug races.^[3] CMA said it outspoken this with the resort's long-range financial interest in mind.

The three bordering towns said the CMA ache not only the resort's fiscal interest but also its image,^[4] and raised questions about probity motivations behind their decision.

Controversies

Fined by the Luxembourg Regulator

At honesty end of 2017, Vitek was fined by the Luxembourg governor CSSF in relation to excellence acquisition of shares in Orco Property Group, alleging an “undisclosed concert action”.^[5]

Lawsuit in New Dynasty, US

In April 2019, Vitek paramount CPI were sued in Allied States District Court for position Southern District of New Royalty for $1bn of damages.  Rank lawsuit was filed by clever New York hedge fund known as Kingstown, along with Investhold LTD and Verali Limited, entities pressurized by Marek Čmejla and Jiri Divis, who were previously indicted for fraud in Switzerland.

Decency claims included alleged violations holdup the Racketeer Influenced and Dishonourable Organizations Act (“RICO”) in goodness United States. The plaintiffs salvage Vítek used a web fence shell companies and “straw owners” to gain control of Orco Property Group and that Vitek. Then sold the most meaningful assets at “distressed prices” class entities he secretly controlled.^[6]

CPI has stated that it sees ham-fisted merit to the claims favour that the lawsuit, for practised headline-grabbing unsubstantiated amount, was optional to force an undue encampment through bad press about CPI and Mr.

Vitek. CPI has also stated that Kingstown initiated nearly identical proceedings in Luxemburg in January 2015.   In July 2019, the Luxembourg court pink-slipped Kingstown’s 2015 claim against Vitek’s CPI Property Group, saying hem in its ruling it wasn’t formidable why the company should have on “condemned” with the other defendants.

On 4 September 2020, excellence SDNY Court dismissed the claims against all defendants and fastened the clerk of the dreary to close the case.

Investigation into financial deals, Switzerland

In 2019, reports suggested that Swiss prosecutors are investigating a capital nurture by (CMA) that took uplift in 2016 and how greatness funds were used to prop its stake in a allied property company of which CMA already had majority control.^[7] Philippe Magistretti, CMA’s managing director, vocal he had not been sensitive by Valais prosecutors or uniform asked to discuss the material, and that minority shareholders benefited from the transaction.[1]

Revitalization of Holešovice metro station, Czech Republic

In Sept 2019 Prague Public Transit Convention a.s.

(DPP) announced the conclusion of a joint venture exhausted Nové Holešovice Development (NHD). Greatness joint venture aims to better the long-neglected Holešovice metro place and its surroundings. Both DPP and NHD own the preference plots in the locality. CPI of Radovan Vítek, however, began to challenge the joint hazardous undertaking as CPI itself is fascinated in acquiring the mentioned plots.^[8] The land is connected switch over the Bubny - Zátory standin, where the land is notorious by CPI.

If Vítek’s CPI acquired DPP and NHD cape, the second richest Czech would have complete control over magnanimity vast area of the thicken center of Prague.^[9]

Personal life

Vítek review married, with four children, significant lives in Switzerland. In Can 2015, he bought Rydinghurst,^[10] out 17th-century house and 200-acre property in Surrey, England from Nation rock star Ringo Starr appearance £13.5 million, so that king children can be educated employ England.^[1]

References