Former head of the Czech Republic’s state railway authority, Jiří Svoboda, acquired two luxury apartments in Prague at prices significantly below what a real estate firm had paid just months earlier, according to property records reviewed by investigative journalists.
The transactions involved Českomoravský realitní fond, a company specializing in property acquisitions. In February 2021, the firm purchased a one-bedroom apartment in the prestigious Rezidence Churchill complex on Prague’s Vinohrady district for 9.75 million Czech koruna, excluding VAT. Just 41 days later, on March 15, 2021, it sold the same unit to Svoboda, who was then serving as director of the State Railway Administration.
Land registry documents show Svoboda obtained the apartment for substantially less than the firm’s purchase price, resulting in a loss of at least three million koruna for the seller. A second apartment in Prague’s Holešovice district followed a similar pattern, with the real estate firm again selling at a loss after acquiring it from developers.
Svoboda held his position until late 2023, when he was removed following a series of police raids linked to an investigation into alleged manipulation of billion-euro railway contracts. During a search of his residence, authorities seized 80 million koruna in cash, along with other valuables.
The Rezidence Churchill building features 24-hour concierge service, security, and views of both Prague Castle and the city’s main railway station, where approximately 700 trains pass daily.
Journalists noted the timing and pricing of the real estate deals raised questions, particularly given Svoboda’s public role and the ongoing probe into potential corruption in public procurement within the railway sector. No official explanation has been provided by either party regarding why the firm agreed to sell the properties at a loss.
The case remains part of a broader investigation into financial flows and potential conflicts of interest involving former state officials and private entities in the Czech Republic.
