ZURICH – The International Ice Hockey Federation has approved the transfer of 16-year-old prospect Martin Frk from HC Karlovy Vary (Czech Republic) to the Halifax Mooseheads (QMJHL) after the clubs reached a settlement.

The transfer was originally rejected on 21st August because it was challenged by HC Karlovy Vary and the Czech Ice Hockey Federation challenged.

After an investigation the IIHF concluded that the professional player contract was validly signed by the player’s parents and the contract was not terminated according to the terms in the contract, a mutual agreement or a just cause.

According to the IIHF Transfer Regulation the IIHF decided that the player’s International Transfer Card was not approved.

“After the IIHF recognized that Frk had a valid professional contract, the Halifax Moosehead began negotiating with us. Although our absolute priority was the return of the player to our club to continue his development – and we think it would have been better for his development to stay with us – we decided to release Martin Frk. The club receives the maximum possible compensation with the settlement,” Karlovy Vary GM Miroslav Vanek said in a statement.

The Czech forward was selected third overall in the Canadian Hockey League’s so called Import Draft earlier this summer after he had 55 points and 184 penalty minutes in 38 games at the Czech under-20 level last season.

Frk also represented the Czech Republic in the 2010 IIHF World U18 Championship notching seven points in six games.

After the settlement Frk will join the Halifax Mooseheads on Wednesday.