End in visibility at dragging fraud matter
PARIS (DUTCH PRESS AGENCY/afp) - at last seem have been
found there a solution for the dragging matter around the
californische life insurance society Executive life, the French
government and the French bank Crédit Lyonnais (CL). The
french have been prepared 600 millions pay dollar (471 millions euro)
for the affair at beëindigen. By the agreement an imminent
claim worth billions of the American authorities and civil parties is
avoided.
Crédit Lyonnais bought the bankrupt Executive life in
1991, by means of the subsidiary company Altus. In that time CL
was still in the possession of the French state. The adoption
was contrary however to the rules, because the then californische
legislation prescribed that foreign ventures and governments could an
importance of at the most 25 per cent in an insurer.
To veil purchase illegal, three years later resold the property
to CL to the houdstermaatschappij Artemis of the billion air Francois
Pinault. Pinault, a friend of the French president Jacques
Chirac, kept a fortuin of some billion dollars to this operation.
In 1997, the American Court started a study into the adoption.
Then appeared that Altus had only served as a dekmantel for
Crédit Lyonnais. The bankconcern threatened as a
consequence are American get rid of bankierslicentie. Also the
bank and Artemis hung a fine and detriment-claim of some billion
dollars of duped beleggers and polishouders above the head.
To turn away strap these financiële, were the French state,
which in the meantime by means of the agency CDR the assets from CL
managed, prepared to a schikking. Also the new owner CL,
Crédit gone of the meanwhile bankruptcy Agricole, and the
houdstermaatschappij Artemis agreed. The parties deposited
vervolgens 770 millions dollar into a neutral account in the hope that
this amount could be used as an advance for a future redemption money.
The planned schikking did not appear satisfy however to the
wishes of the civil parties. They required 3.6 billion dollar
for lost out. The french savages do not go long this way far.
The parties concerned its Tuesday evening nevertheless reached
an agreement with the American insurance authorities and the
gedupeerden. In the first place it concerned an amount of 525
millions dollar. This it has been raised up to 600 millions, so
that the insurer sierra National can be also involved in the
agreement. This company would be originally at the sale by
auction of Executive life disadvantaged by CL.
The houdstermaatschappij Artemis have only reached not yet an
agreement with the American authorities and the civil parties.
The company Executive life, in the meantime renamed to Aurora,
has last week, however, prepared himself explained to arrange for 80
millions dollar. If the parties concerned agreement goes, still
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Source "end in visibility at dragging fraud matter": telegraph
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