Czech Billionaire Claims First Round in Fight With New York Fund
- Kingstown Capital accuses Radovan Vitek of $1 billion fraud
- Two sides will meet next week in Luxembourg courtroom
This article is for subscribers only.
Czech property billionaire Radovan Vitek is claiming victory in the first round of a transatlantic legal fight with New York hedge fund Kingstown Capital Management, which alleges he engineered a $1 billion fraud scheme.
A Luxembourg court became the first to weigh in this month by dismissing Kingstown’s 2015 claim against Vitek’s CPI Property Group, the largest commercial property landlord in Berlin, saying in its ruling it wasn’t clear why the company should be “condemned” with the other defendants.