Free translation of the article published in the French magazine “La Lettre Sud Infos” of September 2006
THE SAADE BROTHERS ONGOING FEUD
We thought the conflict opposing the two brothers, Jacques (CMA-CGM) and Johnny (Mistral holding), over, since a USD 40 million agreement was struck in 2000. Nothing of the sort.
Following the termination of this contract in 2003 due to the presentation of false company accounts, the company Mistral filed a penal lawsuit near the Paris tribunal. A legal investigation has been launched in the end of May and entrusted to the magistrates of the financial section.
However CMA-CGM has not been notified.
This investigation occurs within a larger international context with various legal procedures currently underway in Egypt, where CMA-CGM managers are involved in a corruption case in the port of Damietta; as witnesses according to CMA-CGM and as corrupters according to Mistral…
We ought to remember that Johnny Saade considers himself despoilt by the privatization of CGM in favour of his brother Jacques.
A case rich in developments in the 1990s.
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