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“For the first time in the history of the modern Czech Republic, people who fleeced the state in fraudulent privatisation deals have been punished,” a court in Bellinzona, Switzerland, to sentence five Czechs involved in corruption and money laundering to jail terms ranging from 16 months to 52 months.
The five were accused of using shell companies based in Switzerland to misappropriate the financial assets of the Czech national mining company MUS during the wave of privatisations that took place in the 1990s.
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