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Megaupload founder seeks bail in New Zealand court
The founder of file-sharing website Megaupload has appeared in a New Zealand court seeking bail.
The prosecution consider Kim Dotcom a flight risk due to his financial resources, holding of multiple passports and previous convictions
German national Kim Dotcom - also known as Kim Schmitz - was arrested with three others in Auckland on Friday in a raid requested by the US Federal Bureau of Investigation.
He has been accused of internet piracy and money laundering.
Prosecutors say he is a flight risk due to his financial resources, access to German and Finnish passports as well as residency in Hong Kong and New Zealand, and previous convictions for hacking and insider trading.
The court later delayed a decision on bail.
US authorities want to extradite Dotcom. Federal prosecutors have accused Megaupload - one of the internet's largest file-sharing sites - of costing copyright holders more than $500m in lost revenue.
Megaupload, on the other hand, said it was diligent in responding to complaints about pirated material.
Dotcom holds German and Finnish passports, and is a resident of Hong Kong and New Zealand.
