The controversial Czech billionaire with an extensive web of financial interests in the luxury ski resort is stepping down suddenly from his Luxembourg-based property firm.
Radovan Vitek is resigning from the board of CPI Property Group, a Luxembourg-based real estate firm, effective immediately, he said in a statement on Monday. Vitek listed personal reasons, following the death of his father and ahead of his 50th birthday next month.
Worth north of 3 billion Swiss francs ($3.4 billion) according to the annual «Bilanz» compilation of Switzerland’s wealthiest, Vitek is hugely controversial. He is being sued by a U.S. hedge fund over a soured deal – but has also run into trouble in his adopted hometown of Crans-Montana.
Ski Lifts Halted
Vitek said he will retain majority ownership of CPI, which says is controls a 10 billion euro ($12 billion) real estate portfolio. The company, which been chaired by Edward Hughes since 2014, on Monday added British lawyer and real estate consultant Jonathan Lewis to its board.
In Switzerland, the 49-year-old is better known for pulling the plug on ski lifts two years ago following a spat with local officials. He had initially been hailed as savior of Crans-Montana for securing ski infrastructure by injecting millions of francs.
Today, the case is in the hands of the local attorney general, who is investigating how Vitek got hold of the company. He had stepped down from CPIPG’s subsidiary, Remontees Mecaniques Crans-Montana Aminona, or CMA, in June.
