A Swiss court handed down prison sentences to five Czechs on Thursday for
asset stripping, fraud, money-laundering and breach of trust, in a case
surrounding the privatization of the Czech Republic’s second largest
coal
mining company, Mostecká Uhelna. The former managers, who received
between
16 and 52 months in prison, used the company’s own assets to buy a
majority stake in the firm, diverting some of the money into Swiss bank
accounts. The Swiss authorities launched an investigation into the matter
in 2011. Two of the defendants – Petr Kraus and Antonín Koláček –
were detained in court, though the others were not present at the
sentencing. The sixth defendant in the case, the 86-year-old Belgian
citizen Jacques de Groote, will have to pay a fine for his involvement.
Charges are still pending against the Czech former managers in the Czech
Republic, though they may have to be dropped given the Swiss court’s
decision.