Ministry broadens charges in alleged coal-mining privatisation swindle case

08-10-2013

The Finance Ministry has broadened a criminal complaint it has taken in connection with the privatisation of the coal-mining company Mostecká uhelná společnost, it said in a statement said on Tuesday. The ministry asserts that the defendants in a case surrounding the selloff had control of the firm over a year before they said they had. That information influenced the price paid to the state for its stake and also influenced the government’s decision to sell, the ministry said. A number of former managers and owners are facing charges of insider trading and fraud over their part of the privatisation in 1999. They are alleged to have swindled the state out of CZK 1.6 billion.