Tunneling

[Jimmy Mullan]

At 17:46 16/05/2001 +0200, Grant Barrett wrote:
>Interesting word for embezzlement that seems to be a Czech phenomenon:
tunneling. I
>can't tell if that's just a translation of the local argot for
embezzlement or a
>specific type.
>
>http://www.praguepost.cz/busi011701c.html
[snip]

When I lived in the CR ('95-'97) the word was in relatively constant use,
sadly. It refers to the fraudulent practice of individuals, who control
private companies, taking over publicly-quoted companies, and diverting the
assets of said public companies into the private controlling entities, for
the personal benefit of the individuals in control. The associated
liabilities, unfortunately, remain with the public victims and their
shareholders & lenders. Whether it's a literal or colloquial translation or
not, I fear my Czech isn't good enough to answer ;-).
HTH & Na Schledanou,
Jimmy