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The French newspaper Le Télégramme has published that the French government will help the food company Financière Turenne Lafayette financially.
Unknown to the great public, this group is, nevertheless, a heavyweight in the French agri-food industry that owns well-known brands such as William Saurin, Garbit, Madrange and even Le Foué de Paul Prédault. In total the group has 21 industries in France and hires 3,200 people. An audit revealed that its profit and loss statements were falsified for years. The passing away, last November 30th, of Ms. Monique Piffaut, who was the sole owner and shareholder of Financière Turenne Lafayette, at 78 years of age, was the trigger for the disclosure of the statement of accounts.
Shortly after the uncovering of this case, the French government published in the Official State Gazette (JORF no. 0292 of 16 December 2016) its intention of allocating €70 million, in the framework of the Economic and Social Development Fund (ESDF), for a trust. The total amount will be paid to Natixis in the name of the French state no later than December 13st 2016. The allocation of this amount to one or more societies of the Financière Turenne Lafayette group will be carried out in accordance with the terms described in the trust contract.
Thursday, 15 December 2016.
Le Télégramme/ Francia. http://www.letelegramme.fr
Legifrance/France. https://www.legifrance.gouv.fr
