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Megaupload Founder Wins Back Assets

Kim 'Dotcom' Schmitz has regained $750,000 after a New Zealand court hearing

Kim Dotcom leaves the High Court in Auckland, New Zealand.
Phil Doyle/Fairfax Media/Fairfax Media via Getty Images
April 30, 2012 12:05 PM ET

Kim "Dotcom" Schmitz, the founder of controversial fire sharing website Megaupload, has been awarded back approximately $750,000 of his fortune after a New Zealand court hearing, reports Complete Music Daily.

New Zealand authorities had confiscated Schmitz's multi-million dollar fortune after a January crackdown that left Schmitz facing charges of money laundering, racketeering, copyright infringement and extradition to the U.S. But after the raid, it was revealed that the search warrant obtained by New Zealand authorities was of the wrong sort, rendering the search illegal. The New Zealand High Court subsequently ruled to unfreeze a bank account containing around $300,000 and returned a $250,000 Mercedes. Funds and access to a car were also awarded to Schmitz's wife. Still, most of the freed funds are expected to go towards legal fees and possible civil claims, particularly in the U.S.

Back in January, Megaupload's shuttering over illegal file sharing made major news. Schmitz faced as much as 20 years in New Zealand prison, but his extradition to the U.S. was requested last month.

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