Losses: AMF Natixis is harmless
Posted by adminLike the case of EADS, the Enforcement Committee has once again not followed the advice of the College of the Autorité des marchés financiers (AMF). While the policeman of the Exchange, after two unsuccessful attempts, was finally concluded that Natixis had lied about its losses in October 2008, Matthew Pechberty, a journalist with The Tribune, the Sanction Commission of the AMF has therefore upheld any complaint against the bank.
"It does not appear that the emergency situation in which it was placed to make before markets opened an initial response to articles in The Tribune, Natixis has disregarded the requirements of accuracy, precision and fairness set out in Article 223-1 of the AMF general regulation, "says the Enforcement Committee in a statement released Wednesday.
It is an article of the daily La Tribune dated November 12, 2008 which stated that Natixis had lost 975 million euros in October 2008. The next day, Natixis issued a press release reporting a loss of 500 million euros.
Neither of the two former leaders of Natixis, Philip Smith and Dominique Ferrero, respectively Chief Executive and Managing Director of Natixis, challenged by the Tribune, have been punished.
In an interview she had given the figaro.fr, Colette Neuville, president of the Association of Defence of Minority Shareholders representing the interests of more than 1,000 shareholders of Natixis, demanded that the bank will refund a portion of its lost its shareholders. No doubt she had to accept this decision with some disappointment.
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