Afer: the anxiety of investors
June 29, 2010
Nearly a thousand investors will be meeting Tuesday night at the Convention Centre in Strasbourg, for the annual meeting of the Afer. And the board of directors of the most popular savings association in France will work hard to answer their questions. For many subscribers have questioned the compensation they can expect after the conviction for abuse of confidence by the Court of Cassation, the founders of the Afer Gérard Athias and Andre Le Saux. The meeting will Does the opportunity to come out on top and turn the page so nicely That is the question facing those who have trusted to rightly Afer to invest their savings, but are tired of business and financial disputes that threaten the life of the association for years.
In the first letter in mid-May, Gerard Bekerman, the president of the Afer, had laid the groundwork.The association would make every effort to try to help savers to recover 92 million that the court had decided to confiscate the former leaders. But to get more (the total damage is estimated at 250 million euros), investors should only engage the battle in court. Collective actions are not allowed in France, considers Afer being unable to lead the fight to them.
Mediation proposed
But a few days ago, in another letter, the president went further Bekerman. It offers a mediation "under the responsibility of an independent and indisputable," which "could lead to a financial proposal" probably by the end of the year. The association will stop there. Each member will have to act individually whether to be better compensated.
These proposals indignant SOS principles Afer.The latter, led by Francis Nocaudie, would love to take Afer leading the fight and at least shoulder the action of members. It invites Afer to turn against the insurer of the contract, Aviva believes it civilly liable for the actions of former executives of the association, and more solvent than Gerard Andre Le Saux or Mathias. SOS Principles Afer the opportunity to mention the loss of independence of the association vis-à-vis the insurer. In recent weeks, the tone is mounted between Francis Nocaudie and current leaders Afer. The first, after asking the court to postpone the general meeting, expected to require the cancellation. Motive? The poor presentation of the resolutions announced by his association, while those of Afer were well developed. And most importantly, the difficulty for members to give him authority to vote on their behalf."If the power is valid, it was necessary to mention the zip code of my home, that few members know," he says.
Still in question, the insurer Aviva remains silent. Even if, for the debates which agitate Afer today, a lawyer for life insurance, Mr. Lecoq Vallon not hesitate to resurface an old case appropriately. It is indeed in conflict about a company's old contract, which permitted to invest in stocks during the previous week. An investment to "known price" that proved a boon for investors, and difficult for the insurer. "Many court decisions have sided with the investors who had signed the contract and can not benefit," explains Mr. Nicolas Lecoq Vallon.He estimated that 34 million euros provisioned by Aviva to address disputes are insufficient given the amounts involved in that case.
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