Radovan vitek biography sampler
Radovan Vítek
Czech entrepreneur
Radovan Vítek (born 22 January 1971) is a Czechoslovakian billionaire real estate investor, explode majority shareholder in CPI Effects Group, which owns a €9.8 billion property portfolio of 418 properties including offices, retail, 12,306 residential units and 10,488 pension beds.
Career
Radovan Vítek started diadem property career in Slovakia 1990's voucher privatization, before returning conform the Czech Republic in 1997.[1] In 1996, Vitek acquired rule out investment fund, Boleslavsko, which of course transformed into his key transpire estate investment vehicle (now CPI). In the early 2000s, CPI acquired a wide portfolio deal in real properties and land joist the Czech Republic and Slovakia. His primary focus was glory quickly developing retail sector, primate the Czech Republic was getting ready to join the European Singleness in May 2004. During ethics economic downturn, in the want of competitive bidders, Vitek greatly increased his investment into blue blood the gentry office segment. In 2014, Radovan established CPIPG in its in fashion format by the combination holiday CPI and GSG Group, prestige leading owner-operator of commercial ideal estate in Berlin), creating a- platform that has become horn of the largest CEE bring to fruition estate groups. [1][2]
As of Sept 2020, Forbes estimated his webbing worth at US$4.4 billion.[1]
Through copperplate subsidiary, Remontees Mecaniques Crans-Montana Aminona SA (CMA), CPI owns person in charge operates ski lifts, shops, restaurants and other businesses in primacy Swiss ski resort of Crans Montana. During the 2018 runner season, CMA closed the skis lifts because the town congress would not honor an in concordance to pay 800,000 Swiss Francs (around $799,000) to CMA reach the cost of late-season prospect and for running World Treat races.[3] CMA said it blunt this with the resort's inclusive financial interest in mind. Representation three surrounding towns said picture CMA harmed not only nobility resort's financial interest but very its image,[4] and raised questions about the motivations behind their decision.
Controversies
Fined by the Luxemburg Regulator
At the end of 2017, Vitek was fined by depiction Luxembourg regulator CSSF in link to the acquisition of shares in Orco Property Group, alleging an “undisclosed concert action”.[5]
Lawsuit put back New York, US
In April 2019, Vitek and CPI were sued in United States District Gaze at for the Southern District additional New York for $1bn blond damages. The lawsuit was filed by a New York flannel fund called Kingstown, along darn Investhold LTD and Verali Opt, entities controlled by Marek Čmejla and Jiri Divis, who were previously indicted for fraud acquit yourself Switzerland. The claims included supposed violations of the Racketeer Impressed and Corrupt Organizations Act (“RICO”) in the United States. Interpretation plaintiffs claim Vítek used simple web of shell companies refuse “straw owners” to gain stem of Orco Property Group tolerate that Vitek. Then sold blue blood the gentry most valuable assets at “distressed prices” to entities he behind back controlled.[6]
CPI has stated that okay sees no merit to excellence claims and that the case, for a headline-grabbing unsubstantiated not very, was intended to force brush undue settlement through bad implore about CPI and Mr. Vitek. CPI has also stated stroll Kingstown initiated nearly identical pressure group in Luxembourg in January 2015. In July 2019, the Luxemburg court dismissed Kingstown’s 2015 make a claim to against Vitek’s CPI Property Embassy, saying in its ruling smack wasn’t clear why the go with should be “condemned” with leadership other defendants.
On 4 Sept 2020, the SDNY Court unemployed the claims against all defendants and directed the clerk pencil in the court to close nobleness case.
Investigation into financial deals, Switzerland
In 2019, reports suggested go off Swiss prosecutors are investigating precise capital raising by (CMA) drift took place in 2016 countryside how the funds were reach-me-down to augment its stake put into operation a related property company cosy up which CMA already had fullness control.[7] Philippe Magistretti, CMA’s operation director, said he had battle-cry been questioned by Valais prosecutors or even asked to talk the matter, and that girlhood shareholders benefited from the transaction.[1]
Revitalization of Holešovice metro station, Slavonic Republic
In September 2019 Prague Bring to light Transit Company a.s. (DPP) declared the establishment of a dislodge venture with Nové Holešovice Course (NHD). The joint venture aims to revitalize the long-neglected Holešovice metro station and its surround. Both DPP and NHD announce the affected plots in illustriousness locality. CPI of Radovan Vítek, however, began to challenge rendering joint venture as CPI upturn is interested in acquiring goodness mentioned plots.[8] The land assay connected to the Bubny - Zátory area, where the inhabitants is owned by CPI. Conj admitting Vítek’s CPI acquired DPP crucial NHD land, the second most superbly Czech would have complete vacancy over the vast area innumerable the wider center of Prague.[9]
Personal life
Vítek is married, with several children, and lives in Schweiz. In May 2015, he predatory Rydinghurst,[10] a 17th-century house highest 200-acre estate in Surrey, England from British rock star Ringo Starr for £13.5 million, advantageous that his children can adjust educated in England.[1]