The Czech Ministry of Finance is seeking Kč 6.8 billion in damages from six former managers of the mining company Mostecké uhelné společnost (MUS) whom anticorruption police have charged with stripping assets from and using the money to take over the company. The ministry also wants to have the controversial privatization of MUS, since renamed Czech Coal, annulled, the daily Lidové noviny reported Friday.
Škoda Transportation posted a net profit amounting to 27 percent of turnover for 2010 thanks to orders from Czech Railways (ČD) and from Czech towns and cities, which accounted for around 80 percent of the firm’s total sales for the year. By comparison, the most recent financial results for the world’s largest manufacturers of locomotives, trams, and light railways are considerably lower.
A Swiss court has rejected the Czech bid to become part of the court case against former managers of mining company MUS who are believed to illegally taken over the company and syphoned off billions of crowns into Swiss bank accounts. The court, according to Swiss newspaper reports, slammed Czechs for their late application — and shoddy treatment of Swiss authorities as they tried to compile their case.
A legal analysis of the possible results of the criminal proceedings launched by the Swiss federal prosecutor over Czech miner MUS was sent to Czech Position from an address bearing the name of the current owner of the re-named Czech Coal. It suggests that when the MUS verdicts are given, the massive company might be confiscated and returned to the state.
The Czech Ministry of Finance issued a press release on Monday denying responsibility for failure to register as the plaintiff on behalf of the Czech state, or injured party, in the Swiss investigation case into suspected money laundering and fraud surrounding the privatization of the coal mining company Mostecká uhelná společnost (MUS), now Czech Coal, in 1999.
Six Czechs and a Belgian face money laundering and other criminal charges in connection with the 1999 privatization of Czech mining company Mostecké uhelné společnosti (MUS). The Swiss federal prosecutor’s office, following five years of investigations, says top managers may have syphoned off company cash allowing themselves to take control of MUS while depositing funds in Swiss accounts.