Thursday, December 15, 2016

The State to the rescue of the group, William Saurin, who has made up his accounts – The Huffington Post

COMPANIES – The State has promised Wednesday to help financially Financial Turenne Lafayette, the group owner of the brands, William Saurin, Garbit and Madrange, to avoid the judicial liquidation, after the revelation that its accounts were fudged for years.

The government has also announced that justice had been captured and that it was mobilized to prevent the disappearance of more than 3000 jobs.

The prosecutor’s office in Paris has opened a preliminary investigation, since November 12, and the financial Brigade has been seized, following a report by an administrator of the commercial court, has specified a source close to the investigation.

“a misleading Presentation of the accounts for several years”

The death on 30 November of Monique Piffaut, owner and sole shareholder of Financière Turenne Lafayette, has been the trigger of the discovery of the make-up of the accounts of the group unknown to the general public, which also holds the ham Madrange and The Foué of Paul Prédault.

Named in early December president of the group in replacement of Ms. Piffaut, Eric le Gouvello, a specialist strategy consultancy, was commissioned an audit on its economic and financial situation.

“The first findings suggest a misleading presentation of the accounts for several years, in a very degraded situation for the agri-food sector in general and for certain subsidiaries of the group in particular,” said the company in a press release.

These revelations are like a thunder clap for the 3200 employees of the 21 industrial sites the group’s French which sought a turnover of 900 million euros in 2016. The State announced that he was going to do everything to prevent its disappearance in providing support in cash.

“If there is need there will be a financial support from the State to ensure that we avoid a scenario of liquidation. For us it was important to bring this insurance to suppliers, customers and employees,” said the 14 of December, the ministries of Agriculture and Economics, during a conference call.

“there’s no malfeasance, to our knowledge,”

“The group has arranged for many years its accounts at the end of the year, passing of accounting entries that were either false billings, or false advances-to-stock,” explained the representatives of the two departments.

The accounts were “embellished” to hide the difficulties, but there was “no wrongdoing, to our knowledge,” they added, estimating that the recovery would “take several weeks and several months.”

the management of The company also affirms that it mobilizes “to find ways and means to ensure the continuation of activities and jobs retained of the businesses of the group,” according to its press release.

“Several tracks are being considered, among which the research of new ways of financing, including through the opening of the capital”, will ensure the leaders.

After the death of Ms. Piffaut at the end of November, a spokesman for the group told AFP: “there is no risk of dismantling as the owner, very attached to the companies, had expressed his intention.”

1 slice 3-in ham sold in supermarkets comes from the group

Despite these assurances, the union Fnaf-CGT had feared a dismantling. “The integrity of the group must be saved,” he claimed, warning that “the butchering, the vultures of the profession would be unacceptable and would mean new purges” for the employees.

For its part, the deceased owner has left his fortune to a foundation for children “in progress”, according to a source close to the folder. In 2013, his personal fortune had been estimated at 380 million euros, according to the magazine Challenges, occupying the 135th rank in France.

The food group was formed in 1991 with the takeover of the company “The delights of the palace” in the Périgord, and then through external growth in the sector of cured meats, foie gras and ready meals in the regions.

are then attached to the cured meats, with a slice on three of ham sold in supermarkets coming from the group.

William Saurin was bought in 2001 and Madrange in 2011. One of the last redemptions, in 2015, focused on two sites in brittany of cooked sausages of Jean Caby.

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