Former French finance minister Thierry Breton may not have revealed the whole picture last week in a probe into the massive insider trading scandal at Airbus parent company EADS, French daily Le Monde reported yesterday.
Breton was aware and even approved the purchase by the state-owned bank Caisse des Depots and Consignations (CDC) of European Aeronautic Defence and Space company shares owned by defense and media group Lagardere, Le Monde said, citing a CDC document it has obtained.
This purchase happened shortly before EADS subsidiary Airbus announced delays in its flagship A380 aircraft in June last year which led to a sharp fall in the EADS share price, prompting allegations of insider trading.
The document appears to contradict what Breton on Friday told a French Senate committee hearing on the scandal, saying he had not instructed CDC in buying EADS shares and that he had learned about the transaction via the press and was unhappy about it, Le Monde said.
"The state is beyond reproach in this affair" and "acted in an exemplary fashion," Breton had told the hearing.
But Le Monde says it has obtained the minutes from a supervisory board meeting of the CDC on July 12 last year which shows that Breton knew about the transaction and gave it the green light.
Interviewed by the paper, Breton said that on Friday he himself had "brought the minutes concerned to parliament's attention." He added that it was "a legal interpretation error."
Several top EADS executives and corporate shareholders -- Lagardere and Germany's DaimlerChrysler -- are suspected of illegally selling millions of euros in shares just before they announced major problems at the Airbus.
The French state is a major EADS shareholder with 15 percent, while a consortium of other investors including German regional governments holds 7.5 percent.
On Friday, French Finance Minister Christine Lagarde ordered an internal investigation into the action of the finance ministry's services as regards EADS between the end of 2005 and June last year.
The report will be submitted on Thursday to the finance minister and will be "made public immediately," the ministry said.
CELEBRATION: The PRC turned 75 on Oct. 1, but the Republic of China is older. The PRC could never be the homeland of the people of the ROC, Lai said The People’s Republic of China (PRC) could not be the “motherland” of the people of the Republic of China (ROC), President William Lai (賴清德) said yesterday. Lai made the remarks in a speech at a Double Ten National Day gala in Taipei, which is part of National Day celebrations that are to culminate in a fireworks display in Yunlin County on Thursday night next week. Lai wished the country a happy birthday and called on attendees to enjoy the performances and activities while keeping in mind that the ROC is a sovereign and independent nation. He appealed for everyone to always love their
‘EXTREME PRESSURE’: Beijing’s goal is to ‘force Taiwan to make mistakes,’ Admiral Tang Hua said, adding that mishaps could serve as ‘excuses’ for launching a blockade China’s authoritarian expansionism threatens not only Taiwan, but the rules-based international order, the navy said yesterday, after its top commander said in an interview that the Chinese People’s Liberation Army (PLA) could blockade the nation at will. The object of Beijing’s expansionist activities is not limited to Taiwan and its use of pressure is not confined to specific political groups or people, the navy said in a statement. China utilizes a mixture of cognitive warfare and “gray zone” military activities to pressure Taiwan, the navy said, adding that PLA sea and air forces are compressing the nation’s defensive depth. The navy continues to
MAKING PROGRESS: Officials and industry leaders who participated in a defense forum last month agreed that Taiwan has the capabilities to work with the US, the report said Taiwan’s high-tech defense industry is to enhance collaboration with the US to produce weapons needed for self-defense, the Ministry of National Defense said in a report to the Legislative Yuan. Deputy Minister of National Defense Hsu Yen-pu (徐衍璞) discussed building regional and global industry alliances with US partners at the US-Taiwan Defense Industry Conference in Philadelphia held from Sept. 22 to Tuesday last week, the ministry said in the declassified portion of the report. The visit contributed to maintaining bilateral ties, facilitated Taiwan’s efforts to acquire weapons and equipment, and strengthened the resilience of the two nation’s defense industries, it said. Taiwan-US ties
CONCERNS: Allowing the government, political parties or the military to own up to 10 percent of a large media firm is a risk Taiwan cannot afford to take, a lawyer said A Chinese Nationalist Party (KMT) legislator has proposed amendments to allow the government, political parties and the military to indirectly invest in broadcast media, prompting concerns of potential political interference. Under Article 1 of the Satellite Broadcasting Act (衛星廣播電視法), the government and political parties — as well as foundations established with their endowments, and those commissioned by them — cannot directly or indirectly invest in satellite broadcasting businesses. A similar regulation is in the Cable Radio and Television Act (有線廣播電視法). “The purpose of banning the government, political parties and the military from investing in the media is to prevent them from interfering
RSS