Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-02-15-Speech-4-101"
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"en.20070215.20.4-101"2
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"I should like to take the opportunity of the vote on this report on the voting rights of shareholders, which is unfortunately taking place without prior debate, to draw the Chamber’s attention to the Eurotunnel scandal, the utter daylight robbery backed by French governments, be they socialist or liberal, that has been going on for years.
800 000 small shareholders, still accounting for some 90% of the company’s capital, believed the promises of the tunnel’s designers, of the public authorities, the bankers and the manufacturers and invested some EUR 4.5 billion in the company.
They are now ruined, and will be damaged even further by a ‘rescue’ plan, which consists of selling the company to non-European shareholders at basement rates and reimbursing its creditors, which have already earned EUR 8.5 billion in interest. This plan was drawn up without consulting the shareholders and has been imposed on them by the Paris
(Court of Arbitration in Business Matters). The only choice open to them is to respond or not to a takeover bid, which will keep them forever sidelined when it comes to capital and, by extension, to business decisions, at the very moment when the business is becoming extremely profitable.
This is a shameful episode, and the silence of the French authorities is scandalous. All of this serves to dissuade people from investing in the economy, thereby leaving it to the mercy of the large, stateless, financial groups."@en1
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"Tribunal De Commerce"1
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