Jacques de Groote, the former Executive Director at the IMF (1973-
1994) and World Bank (1975-1991) for Belgium, was condemned in
October 2013 by Swiss courts in an affair concerning the fraudulent
privatization of the principal coal mine in the Czech Republic. His codefendants,
five Czech executives, were given fines and prison
sentences ranging from 36 to 52 months. The five Czechs were found
guilty of aggravated money laundering, fraud, and document forgery.
These verdicts are related to the misappropriation of assets of the
Czech mining company MUS (Mosteck Uhelna Spolecnost) from
1997 to 2003. These five corrupt businessmen, some of whom were
former executives of the company or members of its Supervisory
Committee, had succeeded in gaining control of nearly 97% of MUS.
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