Social Development Fund
Judicial information was opened in Paris in the case of Social Development Fund (SDF) of the Council of Europe, following a letter from the governor of the financial institution http://sunlightfoundation.com/2016/10/31/today-in-opengov-fbis-transparency-potus44-bay-of-pigs-report-foreign-money-in-us-elections/, Raphaël Alomar, to the Prosecutor of the Republic of Paris, during 1994. The investigation of misappropriations of funds, conducted since then quite discreetly by the judge of Paris Evelyne Picard, is moving towards the challenge of several former administrative leaders of the European financial institution, in which 32 states are represented. Crédit du Nord has also set up and hedged speculative transactions.
More than 45 billion loans https://augmentedtrader.com/2012/08/11/discrete-time-markets-one-way-to-derail-the-high-frequency-trading-arms-race/. In November 1993, financial irregularities caused the resignation of Robert Vanden Branden, the governor of the Fund since 1979. An audit report carried out in 1992 by Ernst and Young, at the request of President Paule Dufour, whose mandate is expired in 1994, had been the starting point for the investigations. The former president had denounced the “totally corrupt situation” she had found in the organization. The social fund, headquartered in Paris, has granted the last ten years the bagatelle of 45.5 billion francs in loans http://www.chicagohomepartner.com/2016-chicago-real-estate-market-report-and-2017-outlook/.
According to a memorandum drawn up in February 1994 by the Fund’s lawyers, certain executives carried out “speculative foreign exchange transactions” by “the use of social funds for their personal benefit”. The investigation revealed that a management controller of Credit du Nord had denounced these misappropriations of funds to its general manager in 1990. This executive, Michel Bikar, had mentioned the “risks” that his bank was running, treating daily “A huge volume of exchange”, “ignoring the basic rules of accounting procedures”. In particular, the management controller denounced “the systematic mixing of the Fund’s accounts with those of its directors and families”. “All of this results in significant short-term profits for the branch and management,” he said.
The Social Fund line of credit was $ 300 to $ 400 million, more than a billion francs
Crédit du Nord Chairman Bruno De Maulne, who is currently a member of the Banque de France’s Monetary Policy Council, was kept informed of the cash http://www.brickhousecrossfit.com/2013/10/14/experience-grace-alison-matthiessen-recounts-barbells-for-boobs-2011-and-2012/ lines granted. He assures today “not having kept a precise memory of these operations clienteles”.
Private accounts that benefited from speculative transactions are now listed (numbered 3001, 3002, 3003 …). They were opened on behalf of Governor Roger Vanden Branden, his wife Yolande, his daughter Ariane, Willy Roose, treasurer, his wife Oda, Jacques Trine, director of staff, and Nijat Sahin, director of accounting. A transit account was used daily for funds of very variable amounts, but never less than a million dollars. The money http://www.mikeduran.com/2017/02/27/sensitivity-readers-love-your-neighbor-101-or-intersectional-nonsense/ was donated to the private accounts according to the evolution of the courses. The mechanism is described by Mr. Philippe Lafarge, counsel for the Fund: “Instructions for foreign exchange transactions were given from Paris, and depending on their outcome, a different account was credited or debited. In case of losses, only the account of the Fund was debited. In case of winnings, distributions were made, only a portion of the gain being paid into the Fund. “Willy Roose, the treasurer of the Fund, himself telephoned the orders to the bank.
Other irregularities were uncovered by the audit of Ernst and Young, including the conditions for granting directors of real estate loans http://www.davejackson.com/self-improvement/permission-to-prosper/ at a record rate of 3%. The audit firm saw it as “a significant additional remuneration”, which the governor himself had benefited from for the acquisition of an apartment on Rue Henri Heine in Paris. As soon as he became head of the organization in 1979, Robert Vanden Branden had received an “advance of 1.1 million francs”, at a rate of 3%, repayable … one year after the cessation of his functions.
Suspicions also weigh on the pension management of the agents of the financial institution, the Autonomous Pension Fund. This pension fund was entrusted to a portfolio manager of Bank International Bankers Inc. (IBI) Luxembourg, already subject to multiple judicial information, and the heart of the business of Credit Lyonnais. IBI Bank used empty shells in Jersey. The governor was the first, with his collaborators, to benefit from a measure of early repayment of their rights after ten years of presence in the organization.
The investigation revealed other dysfunctions as to the social vocation of the financial institution http://themodernhomestead.com/2018/02/12/beekeeping-in-bear-country-simple-things-to-help-avoid-disaster/. In this respect, the firm Ernst and Young denounced “the incomplete and imprecise nature of the requests for financing http://www.tomlloydsmith.com/?p=266 submitted to the Fund”. Worse, some global loans http://whatspinksthinks.com/2014/03/13/freedom/ were “disbursed in full”, “without a prior assignment to a particular project”. As a result, many questions remain about the nature of the operations carried out in Italy and Turkey, the two most important “clients” of the Council of Europe’s Social Development Fund.