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Third Horizont fraud suspect arrested

A third man wanted in last year's catastrophic collapse of several pyramid-type investment funds, David Brtva, was arrested in Prague on an international warrant.

In collusion with businessmen Jozef Majský and Vladimír Fruni, Brtva is accused of fraud worth over Sk1 billion ($26 million) in the case of the Horizont investment fund.

A witness is reported to have observed Brtva carrying Sk40 million ($1 million) in investment fund cash into Majský's Bratislava house in five suitcases, money that Majský had allegedly ordered to be assembled at the Košice headquarters of BMG, a Horizont daughter firm.

The crash of Horizont, BMG, as well as other non-banking "financial institutions", cost over 200,000 depositors an estimated Sk20 billion ($50 million) in damages.

Compiled by Tom Nicholson from press reports.
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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