Czech broadcaster TV Nova sacked it director Vladimir Zelezny on Wednesday.
Zelezny is charged with causing the Czech government $355m in damages by breaking Nova's contract with cosmetics heir Ron Lauder's Central European Media Enterprises (CME) in 1999.
Hours later, a Swedish court of appeal issued the final verdict in CME's case against the Czech Republic, in which the Bermuda-based investor argued that the country failed to protect its investment in Nova, the country's first private TV station. The court confirmed an earlier ruling by an international arbitration tribunal against the Czech Republic.
With no room left for appeal, Czech Finance Minister Bohuslav Sobotka gave the go-ahead Thursday to transfer $355m to CME from an escrow account, Radio Prague reported.
Nova's current owner, the Czech financial group PPF, fired Zelezny to limit its liability in any future cases, to distance itself from controversy surrounding Zelezny and, it is presumed, to make Nova more attractive for potential partners or investors.
At a press conference, Zelenzy said he accepted the decision 'in view of the damaging campaign led against TV Nova and himself.'
Though the ruling against the Czech Republic was largely expected, shares in CME rose 30% when traded started on Nasdaq on Thursday, Reuters reported.