The sting in the tale of Tapie and the Crédit Lyonnais payout

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Peut on faire rembourser Tapie ?
  • New
  • 10/04/2011 20:11
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unfortunatly I dont think so, the struggle is only against government.

The title of the article is obviously misleading and inaccurate. At issue is not a "public liability", but a contractual commitment taken by the government. This commitment was taken as part of the defeasance concerning the Credit Lyonnais, but was warranted also as part of the "representations and liabilities" given on the occasion of the sale of Crédit Lyonnais in accordance with the privatisation law.

There is therefore nothing scandalous about a commitment given in accordance with normal practice. In the same way as there was nothing scandalous about the dispute between a bank (Crédit Lyonnais) and its client (Groupe Bernard Tapie) being finally settled by arbitration. The cricitism against arbitration, claiming that "private justice" cannot be involved to settle a dispute concerning the commercial relationship between a bank and its client, because ultimately the state has agreed as a seller of the bank to assume the liabilities arising from this litigation, is mere political maneuvering

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The sums awarded to Bernard Tapie, gross and net, cited in this report were corrected on May 21st according to latest information revealed by the French national audit office, the Court of Accounts. They were in fact greater than originally reported, by 13 million euros for the gross sum, and by 10 million euros for the net sum, he received.