BMG bosses drained fund of millions

THE PRAVDA daily paper claims to have a police report saying that the owners of apparently failed investment funds BMG Invest and Horizont transferred millions of dollars worth out of the firms through dubious payments for 'consulting services'. Owner Vladimír Fruni alone, according to the paper, gave orders over the past two years that $6 million be transferred from Horizont to US firm Galliards Developments LLC, which the paper says is under suspicion by US authorities for money laundering.