Finance ministry wants MUS privatization annulled
The finance ministry wants to get the controversial privatization of the Mostecka uhelna coal mining company annulled and is seeking to receive damages from six former managers who allegedly siphoned close to 7 billion crowns from the company. The police have accused the men of insider trading and abuse of power. They are suspected of illegally taking over 3 billion crowns from the company in 1998 and subsequently using the money to buy its shares. Paradoxically, it was the Swiss authorities who launched an investigation into the company’s privatization in 2005. The equivalent of 12 billion crowns was blocked in Swiss accounts.