US loses in court against Kim Dotcom, Megaupload founder to take political party to US

Auckland District Court has rejected claims by US authorities that Kim Dotcom is a flight risk and must be remanded in custody in New Zealand before his extradition hearing.

Facing allegations ofconspiring to commit money laundering, racketeering, conspiring to commit copyright infringement and enabling online piracy, the serial entrepreneur and founder of the Megaupload file storage websitewas arrested in January 2012 at his mansion in Coatesville, Auckland and has been fighting extradition moves to the US ever since.

While his bail conditions were tightened on Monday, forcing him to remain within 80 kilometres of his home and restricting him from using boats or helicopters to travel, he is free to return to his home.

Dotcom, aka Kim Schmitz faces an extradition hearing in mid-2015.

Last week, Dotcom spoke at the unBound Digital conference in London via Skype. “My legal team resigned after I ran out of money,” he said. “I spent $US10 million to defend myself. They have drained all my resources.”

One of Dotcom's major expenses was his experiment with New Zealand politics. According to public records published by theNZ Herald, his Internet party cost $NZ4.5 million and now, he has revealed plans to take the Party to the US. Through a series of Tweets, Dotcom said to "stay tuned for our celebrity founders from the music, film and internet industry" because the Internet Party will make its US debut in 2015.

The New Zealand edition failed to gain a seat in Parliament with its platform:internet freedom, free university education and the decriminalisation of cannabis. While Dotcom hasn't tweeted what the US Party will stand for, he has said it will be "funded and run by American citizens". Dotcom, aGermannational with permanentNew Zealand residency, will "help with public relations."