Radovan Vítek, a 53-year-old Czech billionaire, stands as one of Central Europe’s most enigmatic and controversial figures. As the owner of CPI Property Group (CPIPG), one of Europe’s largest real estate empires, Vítek wields immense economic and political influence. Yet his career is marked by scandals, allegations of misconduct, and a troubling nexus with Russia, raising questions about his allegiances and motivations.

Born in the former Czechoslovakia, Vítek emerged during the chaotic privatization era of the 1990s. With an almost uncanny acumen, he navigated the murky waters of post-Soviet capitalism and built a real estate empire spanning multiple countries. His personal net worth, estimated in the billions, underscores his status as one of Europe’s most powerful oligarchs. However, his rise has been anything but clean. Corruption, financial manipulation, and political opportunism are recurring themes in his storied career.

Vítek’s ties to Russia are neither incidental nor benign; they seem to be a calculated aspect of his business strategy. Despite geopolitical tensions and Western sanctions following Russia’s invasion of Ukraine in 2022, CPIPG continues to operate in Russia. This defiance raises critical questions: Why does Vítek, a European oligarch, persist in engaging with a regime increasingly isolated by the global community? And how deep do his connections to Russian power structures go?

Among CPIPG’s holdings is a Moscow hotel valued at €16.9 million. Despite posting a net loss of €0.4 million in 2021, Vítek retains the property, defying the logic of purely profit-driven decision-making. The hotel’s strategic value likely transcends financial metrics. As a gateway to Moscow’s influential elites, it provides Vítek access to networks that thrive despite international sanctions. Such connections hint at a broader alignment with Kremlin-linked interests.

Tracing his empire’s roots back to Slovakia, Vítek capitalized on the privatization frenzy of the 1990s. At the time, Slovakia maintained close political and economic ties with Russia, particularly under Prime Minister Robert Fico. It is plausible that Vítek’s early success was bolstered by pro-Russian sentiments and alliances. Slovakia’s continued defense of Russian interests in the EU underscores the enduring relevance of these ties, further complicating Vítek’s allegiances.

Vítek’s career reveals a pattern of ruthless tactics, questionable ethics, and a disregard for accountability. His takeover of Orco Property Group, which led to Luxembourg’s financial regulator fining him €1 million in 2017, exemplifies his willingness to bypass transparency requirements through covert methods. Similarly, allegations of defrauding Czech investors Marek Čmejla and Jiří Diviš in 2023, leading to a Cypriot court freezing €537 million of his assets, highlighted his use of complex financial schemes to dilute their stakes in CPIPG. These incidents, coupled with revelations from the Pandora Papers about his reliance on offshore structures to conceal luxury property acquisitions in southern France, showcase his reputation for secrecy and evasion. His abrupt halting of operations at the Crans-Montana ski resort during peak tourist season in 2018, which crippled the local economy, and accusations by Muddy Waters in 2023 of inflating CPIPG’s asset values and engaging in undisclosed related-party transactions further tarnish his already dubious reputation.

Vítek’s willingness to maintain operations in Russia, despite its growing isolation from the West, cannot be dismissed as mere business pragmatism. His engagement suggests a deeper alignment with Moscow’s economic and political elite, posing significant risks to his business partners and investors and to European unity and democratic values. His actions embody the archetype of the post-Soviet oligarch: unaccountable, unscrupulous, and opportunistically aligned with authoritarian regimes. These ties to Russia, combined with his extensive record of financial misconduct, demand a rigorous investigation.

As Europe grapples with the growing challenges posed by Kremlin-aligned forces, Vítek’s activities stand as a stark reminder of the dangers posed by unchecked oligarchic power. The question is no longer merely about Vítek’s motives. It is about whether European regulators will finally hold this Czech oligarch accountable or whether his connections to Russia will continue to undermine the principles of European democracy.