Court says fugitive businessman channelled money abroad legally

A high court in Olomouc, central Moravia, ruled on Thursday that on-the-run Czech businessman Radovan Krejčíř channelled funds abroad legally. Mr Krejčíř was charged with transferring 272 million crowns, or more than 14 million US dollars, to an off-shore company based on the British Virgin Islands in 1997. The Czech prosecution claimed the deal was fictitious; however, the court in Olomouc confirmed a previous verdict according to which the transfer was above board. The fraud charge is just one of many faced by Radovan Krejčíř, who is also wanted in the Czech Republic for conspiracy to murder, and is now residing in South Africa.