Embezzlement is an act withholding assets for the purpose of conversion (theft) of such assets, by one or more persons to whom the assets were entrusted, either to be held or to be used for specific purposes – WikiPedia
Embezzlement is a cancer-worm that plagues basically every nation in the world. The effects are heavier on some countries/continents (notably Africa) than on others. You will be surprised to realize how dishonesty causes the interruption of execution procedures setup to recover from some of the alleged cases. Africa has the highest rate of non-recovery from such situations than any other continent in the world. The effect of such an act has a ripple effect whose multiplier effect can cause great loss to certain sectors of the economy. The effects can be from a few people becoming unemployed overnight to entire enterprises collapsing and governments toppling.
Most often we hear of embezzlement cases where the perpetrators are said to end in prison but without any further details as to the recovery of the alleged assets/funds stolen. Even information as to the dissipation of the assets/funds involved are not usually disclosed.
Imprisonment without further action has little impact on the perpetrator but rather is a cost on the given government when carrying out the activity. The optimal solution therefore is the seizure of all assets/funds of the perpetrator that sums up to the tune of the totality of the assets/funds embezzled plus damage fees evaluated by experts to have caused the state/institution in question. Consideration may be allowed for the recovery of these resources over a strict period of time if a jail term isn’t given, but the rule must be applied to completion. The perpetrator should not be allowed to be set on any post of responsibility which grants him/her access to a threshold magnitude of management and in fact should be imposed the status of an ex-convict which will automatically restrict access to certain positions in any given institution. With such a legislation in place, i believe cases can be handled more credibly and institutions can recover faster from such malpractices. The issue is not that such an approach hasn’t been envisaged or conceived, but again it is due to the selfishness and dishonesty of those in the position to apply the rules. Private institutions need a more stronger and reliable handler to handle such cases within environment and not always have to lookup to government handler.