Side shareholders other types of action may follow

Gecina undertaking Committee, met yesterday morning shortly before the Board of Directors, made new revelations to strengthen the suspicions on the management of the company CEO, Joaquin Rivero. It was not known until now hiding behind Bamolo, a Luxembourg company based in Spain Gecina made a highly controversial advance of EUR 60 million. However, according to the survey of the EC, the shareholder of Bamolo is a Gramono named company, domiciled Luxembourg, at the same address as one of the holdings of Joaquin Rivero, named Quimafa. The Gecina CEO has, moreover, a holding company almost homonymous, Gramano, the Netherlands-based. This information does not formally prove that Bamolo belongs to Joaquin Rivero, but should lead to a rapid clarification of the question. Such a link would not be a first: M'Bami, another company whose Gecina bought in February 49 at a price (EUR 108 million) considered overvalued by some, is the CEO of the land.

He has not attended the meeting of the EC, and the Bamolo case was not commented by members of the present leadership, which the Director-General delegate, Antonio Truan and the Assistant to the Chief Financial Officer. Isolated for a year and a half in its investigations and its alerts on the management of Gecina only an independent administrator, Antoine Jeancourt-Galignani, regularly echoed his questions , the EC has increased a notch the pressure on the Council presenting yesterday to each Director's report. Finalized with the assistance of cabinet Secafi Alpha, he returned four operations deemed suspicious (including Bamolo) and which had been denounced in June 2008 by a right of alert. The seizure of the Council means that plant account question him directly in the future, Joaquin Rivero has not been found satisfactory answers.

Towards the end of the isolation of this

This approach comes at: in the agenda of the Board of yesterday afternoon, which was to continue until late in the evening, was precisely the criminal complaint filed in April by the Association for the defence of minority shareholders (Adam) for operations (which mentioned by the EC) "that can be qualified for some abuse of social goods". In addition, the composition of the Council has evolved: the principal shareholder of Gecina, the land Spanish Metrovacesa (27 of the capital), has changed hands and now belongs to a pool of banks. He called for better representation in the Council, where Metrovacesa has a seat and opened hostilities against Joaquin Rivero, asking Monday at the tribunal de commerce to Cap its voting rights and those of its partner Bautista Soler at the next General Assembly of Gecina ("Les Echos" from May 5).

Side shareholders, other types of action may follow. In the General Assembly first, which could be proposed to vote a new administrator, different from the current choice of Joaquin Rivero, to replace Antoine Jeancourt-Galignani, whose mandate expires. Finally, new legal procedures could be undertaken, as that to put in issue the validity of the vote in February for the purchase of M'Bami. "Today, it is not known where is the purchase of M'Bami, if it has been finalized, and the regularity of the vote is a good question, note a close to the record." "If a transaction is irregular, it can be set aside."

In a press release yesterday, the recalled his isolation, noting "with great regret that the direction or control internal and external organs did not work", a reference both to the Board of Auditors (Mazars and Pricewaterhouse) to administrators. An isolation that could be completed.