Indeed, Czechs and Slovaks both use the word "tunneling" to describe the process by which major companies are systematically drained of their assets.
Correction: December 11, 2000, Monday An article in Business Day on Nov. 30 about the effect of United States Steel's purchase of a mill in Slovakia misspelled the name of a Czech company that exemplifies "tunneling," a process by which companies in Slovakia and the Czech Republic are drained of their assets.
If anything, he said, Bain Capital stood out from its rivals in the 1980s and 1990s for eschewing quick-fix financial wizardry that drained companies of assets.
Strong has been beleaguered by a drain of assets and portfolio managers since it was linked to improper fund trading in September 2003.
Russia's gas monopoly, Gazprom, has declared war on one of its unruly subsidiaries, accusing the subsidiary's management of draining away assets illegally.
A fifth judge has been charged with bribery, while still another is being investigated for draining the assets of a wealthy aunt.
The Obama administration is finally doing the right thing in first, talking about the danger of BP draining company assets via dividend payments, and, second, demanding the establishment of an escrow fund.
United States prosecutors say that Mr. Frankel built an elaborate criminal empire using a financial trust, a brokerage house and a Catholic charity with links to the Vatican as fronts to buy small Southern insurance companies, which he then drained of more than $200 million in assets.
Trend's portfolio, then worth 1.2 billion koruna, has since been drained of nearly 1 billion koruna-worth of assets, including a big stake in Prague's biggest department store, Kotva.In October 1996 Trend was put into administration at CVF's request, after it realised that some of the fund's directors were stealing its assets.
The only way you will ever get out of debt is through careful strategy, wise investments and increased assets -- not draining all of your assets to buy yourself a few months.
