Final Word from Monday, October 7, 2013

It's not so surprising for the Communists to hint at renationalizing the coal at OKD mines, but it certainly raises questions when SPOZ election leader Martin Pecina says he agrees with KSČM Chair Vojtěch Filip's proposal in this respect. Filip told Martin Veselovský of Czech Radio on Fri. that if Zdeněk Bakala wants to close the Paskov mine, the bankruptcy trustee might force him to cover the debts he has racked up there. The right to mine the coal could then be awarded to someone else, Filip said. The problem with this seductive proposal is that Paskov isn't a stand-alone company. It's an internal business unit of OKD a.s. and can't go bankrupt. Regardless of whether Filip knows this, the effect is to promote an extralegal solution to a problem that should be handled strictly by the book. If NWR/OKD is violating the privatization contact, it should certainly be held accountable. But Filip and Pecina (and Miloš Zeman too) are giving the impression that the state can just waltz in any day now and take over the assets of a listed company. [Czech Republic Communist Party administrator NWR New World Resources president]

Glossary of difficult words

to rack something up - to accumulate or achieve something, typically a score or amount;

seductive - tempting and attractive;

stand-alone - operating independently;

extralegal - beyond the authority of the law; not regulated by the law;

by the book - strictly according to the rules;

to waltz in - to move or act lightly, casually or inconsiderately;

listed company - a company whose shares are traded on a stock exchange.


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