Friday, 19 May 2017

Pay back our 414 million euros, please

Readers who have followed the Bernard Tapie story (in taglines as elsewhere) will remember that Tapie sold his company to Credit Lyonnais for some 300 million euros, then complained of fraud when the bank re-sold it for 700 million. He was awarded the 400 million difference by private arbitrators, but when the state (who by then were administering the bank) appealed the decision was reversed. A final appeal court has now determined that the arbitrators were biased and that there are no grounds for Tapie to be compensated. The then Finance Minister, now head of the IMF, Christine Lagarde was found guilty of negligence in appointing the arbitrators rather than allowing the case to be heard in open court, but was not subjected to any penalty.
M Tapie has now to repay the 404 million euros, but unfortunately he is currently bankrupt.....
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