DEFINITION of 'Corporate Kleptocracy'
Buzzword that describes the greed of corporate executives who use underhanded tactics to siphon off wealth at the expense of shareholders. This buzzword is attributed to how ex-Hollinger CEO, Conrad Black, and his fellow associates allegedly embezzled hundreds of millions of dollars over a seven-year period from Hollinger.
BREAKING DOWN 'Corporate Kleptocracy'
Black's misuse of company funds was quite blatant. In fact, it was reported that Black and his wife lived a very extravagant lifestyle with company money. For example, reports indicated that Black used $1.4 million of Hollinger funds to pay for his personal butlers, maids and chefs.