Definition
When a person holding office in an institution, organisation or company dishonestly and illegally appropriates, uses or traffics the funds and goods they have been entrusted with for personal enrichment or other activities.
Example in practice
Chung Mong Koo, former chairman of Hyundai Motors Co., was convicted in 2007 of
embezzling US$ 110 million from company funds, a portion of which was allegedly used to pay off politicians and government officials.
Relevant links
—— Transparency International: Global Corruption Report 2004 – Political Corruption.
www.transparency.org/publications/gcr/download_gcr/download_gcr_2004
—— U4 Anti-Corruption Resource Centre: Embezzlement of Donor Funding in Health
Projects.
www.cmi.no/publications/file/?3031=embezzlement-of-donor-funding-in-health-projects
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