The aim of this paper is to explore the concept of interlocking directorates in a context of possible misuse of power, especially such as conflict of interest (COI). The paper presents some results of current research made on interlocking directorates. Next it analyzes connections between this phenomenon and COI. One of a basic assumption for this paper is that COI is generally dangerous for a processes of industrial and market development of regions like CEE and therefore all phenomena COI-related (as interlocking directorates) must be well recognized by regional social sciences. The article will refer to such issues as threats to free market rules, violation of trust and formation of industrial elite.