Dotcom given access to $4.8 mln in funds

Dotcom given access to $4.8 mln in funds

WELLINGTON - Reuters
Dotcom given access to $4.8 mln in funds

This Feb. 22 photo shows Megaupload boss Kim Dotcom (L) leaving court.

A New Zealand court yesterday granted Megaupload founder Kim Dotcom access to an additional NZ$6 million ($4.84 million) to pay legal fees and living costs, loosening restrictions placed on the Internet tycoon under investigation by U.S. authorities for online piracy and fraud.

The funds will be secured against a NZ$10 million government bond. The court also allowed Dotcom to sell part of his stable of luxury cars confiscated when New Zealand authorities raided his home at the request of the U.S. government. Dotcom was arrested during the raid. Most of his assets have been frozen as U.S. authorities claim the entrepreneur’s fortune has been gained through illegal activity.

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