Friday, December 16, 2016

William Saurin: The State unleashes a loan of 70 million euros – The Point

The government will make available $ 70 million loan to keep afloat the group Financière Turenne Lafayette, house mother of William Saurin, Garbit and Madrange, in the heart of a scandal of fake accounts, which undermines its about 3,200 jobs.

The State has decided “to reassure the company, its creditors and its 3.200 employees,” to pay 70 million euros on a trust – a third-party account – and that can be loaned to the company according to its needs, said the ministry of Economy to the AFP.

In parallel, the government will “ensure immediate payment of ten million euros by the end of the year,” he said.

The 70 million euros, paid from the fund of economic and social development (FDES), will be released “no later than 31 December”, then put “provision (d’)one or several companies of the group Financière Turenne Lafayette”, according to a decree published Friday in the official Journal.

The € 10 million paid to the group will be used to “ensure that the coming weeks will take place in good conditions, it is necessary that the company continues to operate”, according to Bercy.

But the amount of the final loan, in which the group will need to avoid a winding up by the court is still to be determined.

This is the reason for which the State puts at the disposal of these 70 million to show its commitment on the duration: “in case of need, the money is there,” says one at Bercy.

The State is also pursuing its discussions with the bank pool.

- false Accounts -

The new direction of this holding agri-food has surprised everyone by revealing Wednesday that its accounts were fudged “for several years”.

“The first findings suggest a misleading presentation of the accounts for several years”, announced Financial Turenne Lafayette, indicating that it had set up an audit after the death at the end of November of its owner, Monique Piffaut at the age of 78 years.

The government had immediately promised to provide “the necessary financial support”, without enter the capital of the group.

The secretary of State for Industry Christophe Sirugue was explained Thursday to favour an intervention with a ready-to-side of the banks”, as during the rescue of the glass Arc International, which had secured a loan of 48.5 million euros of the FDES in march 2015.

the creditors of the Financial Turenne Lafayette were received on Wednesday at the ministry in paris to discuss the possible abandonment of the debts, according to M. Sirugue.

For his part, the prosecutor’s office in Paris has opened a preliminary investigation, entrusted to the financial brigade, to determine the extent of the rigging of accounts and responsibilities.

The accounts were “embellished” to hide the difficulties, but according to several sources, there is no evidence today that the deceased Ms. Piffaut has sought to enrich themselves personally. The audit follows, however, still ongoing.

Financial Turenne Lafayette are unknown to the general public, but it also brings together leading brands in the food that we find in all the kitchens of France. A slice of ham on three sold in large surface from, for example, a mark of the group. The company expects 900 million euros of turnover for the year 2016.

16/12/2016 16:34:53 – Paris (AFP) – © 2016 AFP


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