Czech billionaire cleared to increase stake in Royal Mail | Business

The government looks to be prepared to allow Daniel Kretinsky, the secretive Czech billionaire, to increase his stake in the owner of Royal Mail.

In August Kwasi Kwarteng, then business secretary, told Kretinsky not increase his stake in International Distributions Services (IDS), using powers under the National Security and Investment Act.

He issued the warning after Vesa Equity — the largest shareholder in IDS and ultimately controlled by Kretinsky, 47, and his business partner, Patrik Tkac, 49 — contacted the government to inform it of its intention to raise its stake from just over 22 per cent to more than 25 per cent.

The Act gives the government powers to scrutinise and intervene in business transactions to protect national security. At the time the mail