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Czech Billionaire Beats Fraud Charge Before Presidential Run

  • Court frees Babis of fraud charges in case over EU subsidies
  • Prosecutors have right to appeal first-instance court verdict
Andrej Babis
Andrej BabisPhotographer: Milan Jaros/Bloomberg
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Former Czech Prime Minister Andrej Babis was acquitted in a fraud case looking into his use of European Union funds, providing a potential boost to his campaign in this month’s presidential election. 

A Prague court on Monday freed billionaire Babis of charges that a company belonging to his business empire illegally used 50 million koruna ($2.2 million) in EU subsidies about 15 years ago. The chemicals, agriculture and media tycoon had consistently denied wrongdoing.