Home Business Bernard Tapie: justice examines the judicial liquidation of its companies

Bernard Tapie: justice examines the judicial liquidation of its companies

The businessman was sentenced to repay several hundred million euros in the case against the Credit Lyonnais. This Monday, April 15, the justice considers the application for liquidation of all companies owned by Bernard Tapie.


Bernard Tapie in Paris court, April 4 (AFP / BERTRAND GUAY)

This concerns the GBT holdings (Bernard Tapie Group), majority shareholder of the media group La Provence, and FIBT, Financière Immobilière Bernard Tapie. The future of these companies, in receivership for three months, is uncertain.

The Commercial Court of Paris was originally scheduled to rule on March 11, but the hearing had been dismissed because Bernard Tapie appeared the same day in the criminal court in the case against the Credit Lyonnais for decades. In December 2015, the businessman, now 76 years old, was sentenced to repay the 403 million euros granted to him in 2008, in the arbitration of his dispute with Crédit Lyonnais. From now on, Bernard Tapie is prosecuted for "fraud" to the detriment of the State. The verdict is expected for the beginning of July.

"DISASTER"

However, even in case of seizure of its assets, the two entities GBT and FIBT are safe from creditors, since they have been placed in the procedure of safeguard. The Paris public prosecutor considers the recovery impossible and therefore requires judicial liquidation, in order to allow the immediate sale of property.

"It would be a disaster" for the media group La Provence, had reacted Bernard Tapie on the eve of his trial. "I put all my assets as collateral for the payment, so whether in liquidation or as part of a plan (recovery, ed), they will be paid," he said. Bernard Tapie is committed to selling his family home in Paris, the hotel de Cavoye. But the former minister argues that if his companies were placed in liquidation, his creditors would not touch any euro until his debt has been settled.


INFOGRAPHICS. Chronology of the Tapie-Crédit Lyonnais case since 1990 (AFP /)

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