Real estate developer CPIPG, run by Radovan Vítek, preparing to segregate assets after Cypriot court order
One of Europe’s largest property groups is bracing for the impact of a complex legal dispute between its billionaire owner and two convicted money launderers who say they privately bankrolled him. Senior executives at
’s Swiss-resident majority shareholder, built his property empire through a series of audacious and sometimes aggressive takeovers, swooping on underpriced property companies — often using complex financial structures to secure control. In their application for the asset freeze seen by the FT, Čmejla and Diviš claimed that a complex series of corporate shells and trust arrangements were manipulated to lock them out of access to property assets to which they had legal title.
would fulfil the Cypriot court’s asset freezing order. He said his clients expected cash to be held in segregated bank accounts. Many large European commercial property investors are still facing a liquidity squeeze after portfolio values nosedived due to rising interest rates over the past two years. Executives at
has appealed, has had no practical impact on the Group or any bank accounts or assets belonging to
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