Article: France begins judicial probe into Rafale deal with India: French media

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France begins judicial probe into Rafale deal with India: French media

outlookindia, 03 July 2021

New Delhi, Jul 3 (PTI) A French judge has been appointed to lead a “highly sensitive” judicial investigation into “suspected corruption” and “favouritism” in the Rs 59,000 crore inter-governmental deal with India for the supply of 36 Rafale fighter jets, French investigative website Mediapart reported.

It said the probe, ordered by France”s national financial prosecutor”s office, is the result of a series of investigative reports into the contract published in April by Mediapart besides a complaint into the allegations by anti-corruption NGO Sherpa.

The report said the judicial investigation was ordered by France”s national financial prosecutor”s office (PNF) following Mediapart”s fresh reports in April of alleged wrongdoings in the deal as well as a complaint filed by French NGO Sherpa that specialises in financial crime.

“A French judge has been appointed to lead a judicial investigation into suspected ”corruption” and ”favouritism” over the 7.8-billion-euro sale to India of 36 Dassault Aviation Rafale fighter aircraft,” Mediapart said.

“The highly sensitive probe into the inter-governmental deal signed off in 2016 was formally opened on June 14th,” it added.

Rafale manufacturer Dassault Aviation and India”s defence ministry previously trashed allegations of any corruption in the contract. India”s Supreme Court too in 2019 dismissed petitions seeking a probe into the deal saying there was no ground for it.

“The criminal investigation, opened on June 14th and led by an independent magistrate, an investigating judge, will, among other elements, examine questions surrounding the actions of former French president François Hollande, who was in office when the Rafale deal was inked, and current French president Emmanuel Macron, who was at the time Holllande”s economy and finance minister, as well as the then defence minister, now foreign affairs minister, Jean-Yves Le Drian,” Mediapart said.

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Article: France opens graft probe into Lebanon’s central bank chief

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France opens graft probe into Lebanon’s central bank chief

Associated Press, 07 June 2021

PARIS — The French national financial prosecutor’s office has opened a preliminary investigation into the actions of Lebanon’s central bank governor involving potential money laundering, the prosecutor’s office said Monday.

The French move came months after Switzerland started a probe into possible money laundering and embezzlement at Lebanon’s central bank, which is now at the center of an unprecedented financial crisis roiling the small Mediterranean country. The French prosecutor’s office said the investigation around Riad Salameh was opened in late May involving potential charges of money laundering and association with an organized criminal group. It gave no further details. Continue reading “Article: France opens graft probe into Lebanon’s central bank chief”

Article: France probes Lebanese central bank chief’s wealth

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France probes Lebanese central bank chief’s wealth

AFP, 06 June 2021

PARIS: France has opened a probe into the personal wealth of Riad Salameh, central bank chief in crisis-hit Lebanon, sources told AFP Sunday.

Paris financial prosecutors have opened a preliminary probe into criminal association and money laundering by Salameh, a source close to the investigation and a judicial source said, following a similar move by Switzerland. Its findings could shed light onto the origins of the 70-year-old former Merill Lynch banker’s wealth. Continue reading “Article: France probes Lebanese central bank chief’s wealth”

Article: The Bogus “Super Dollars” That Fooled the World for Two Decades

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The Bogus “Super Dollars” That Fooled the World for Two Decades

EXPLICA .CO, 25 May 2021

The forgery was so perfect that even US Secret Service experts could not initially determine whether it was real dollars or a copy before them.

Only after a sophisticated forensic analysis were they able to confirm that they were fakes. But those $ 100 bills were so millimeter perfect who nicknamed them “The false superdollars.” They had the same high-tech color change ink as real US dollars.

They were also printed on paper with exactly the same fiber composition as the originals: three-quarters of American cotton and one-quarter of linen. The recorded images were, if anything, finer than those produced by the United States Bureau of Engraving and Printing.

Kirill Kukhmar Even machines were hard to recognize counterfeit. A little variation, then reported the New York Times, which revealed that they were not original. The United States was very alarmed that counterfeits were passing through the banks undetectedas no one could tell the difference.

These “super dollars” circulated around the world in the 1990s and 2000s. During these years, the United States decided to change the design of the US $ 100 bills twice, but counterfeiters managed to adapt.

They appeared in Denmark, France, Austria, Germany, Latvia, Russia, the Czech Republic, and Ireland. Also in Russia.

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Article: Latest Hit Against Tobacco Smugglers Results in 12 Arrests in France

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Latest Hit Against Tobacco Smugglers Results in 12 Arrests in France

Homeland Security Today, 14 May 2021

During the second week of May, the French Gendarmerie (Gendarmerie Nationale) with the support of the French Judicial Customs (SEJF) arrested five individuals and seized 250,000 counterfeit cigarettes in a series of raids in the city of Nantes.

This action follows an earlier one on April 9 which saw seven other members of the same organized crime group arrested in the cities of Nantes, Rodez and Montpellier. On this occasion, close to five tonnes of counterfeit cigarettes were seized, alongside €37,000 in cash. Continue reading “Article: Latest Hit Against Tobacco Smugglers Results in 12 Arrests in France”

Article: Danske could absorb $3.3B money-laundering fine and still hit own CET1 target

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Danske could absorb $3.3B money-laundering fine and still hit own CET1 target

Sanne WassRehan Ahmad,  29 March 2021

Danske Bank A/S’ capital levels and projected first-quarter earnings imply that it could withstand a money-laundering fine of 20.9 billion kroner, or $3.3 billion, today and still achieve its management common equity Tier 1 ratio target of 16%, according to S&P Global Market Intelligence estimates.

Even a penalty of more than double that size would still leave Denmark’s largest lender above its current regulatory requirement, the analysis found. “There is a long way to go before the fine becomes an issue for the bank’s capital ratio,” said Jyske Bank equity analyst Anders Vollesen in an interview.

Danske’s material capital buffer is driving down risk associated with the outcome of its Baltic dirty money scandal, according to analysts, with some even seeing scope for distribution of excess capital to shareholders through generous dividends or share buybacks once the case is settled. Continue reading “Article: Danske could absorb $3.3B money-laundering fine and still hit own CET1 target”

Article: France’s Covea files complaint against CEO of reinsurer Scor

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France’s Covea files complaint against CEO of reinsurer Scor

Matthieu Protard, 24 March 2021

PARIS, March 24 (Reuters) – French insurer Covea has filed a complaint against the CEO of reinsurer Scor SCOR.PA, Denis Kessler, alleging market manipulation and misuse of corporate assets, it said on Wednesday.

Covea, which is Scor’s biggest shareholder with a 8.45% stake, based on Refinitiv data, said in a statement the complaint filed with financial prosecutors followed a 195 million euro ($230.63 million) share buyback that Covea alleged had “artificially” inflated Scor’s share price. Continue reading “Article: France’s Covea files complaint against CEO of reinsurer Scor”

Article: Inventiva announces design of Phase III clinical trial with lanifibranor in NASH

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Inventiva announces design of Phase III clinical trial with lanifibranor in NASH

Yahoo Finance, 06 January 2021

Daix (France), January 5, 2021 – Inventiva (Euronext Paris and Nasdaq: IVA), a clinical-stage biopharmaceutical company focused on the development of oral small molecule therapies for the treatment of non-alcoholic steatohepatitis (NASH), mucopolysaccharidoses (MPS) and other diseases with significant unmet medical need, today announced the details of the Phase III clinical trial with its lead drug candidate lanifibranor in NASH following the end-of-phase II meeting with the U.S. Food and Drug Administration (FDA) and the receipt of the Scientific Advice letter from the European Medicines Agency (EMA). The Phase III trial design and clinical strategy have been discussed with both regulatory authorities and the following key points can be confirmed:

Seeking of U.S. accelerated approval and EU conditional approval for lanifibranor to be based on a 72-week histology analysis – Inventiva will seek to obtain accelerated approval in the U.S. and conditional approval in the EU for lanifibranor based on a pre-specified histology analysis in approximately 900 patients after 72 weeks establishing a positive benefit-risk ratio.

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Article: Inventiva completes a capital increase of €15 m subscribed by existing shareholders

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Inventiva completes a capital increase of €15 m subscribed by existing shareholders

Yahoo Finance, 07 February 2020

Daix (France), February 7, 2020 – Inventiva (IVA.NX), a clinical-stage biopharmaceutical company developing oral small molecule therapies for the treatment of diseases in the areas of fibrosis, lysosomal storage disorders and oncology, today announced the successful completion of a capital increase of €15 million subscribed by some of its current key shareholders, BVF Partners L.P., NEA, Novo Holdings A/S and Sofinnova Partners. The capital increase was executed at the closing price of February 6, 2020 without discount.

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Article: Fincrime Briefing: UBS pays to settle laundering probe, U.S., South Korea take down largest crypto-fueled child exploitation site, DOJ guidance on fines when you can’t pay, and more

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Fincrime Briefing: UBS pays to settle laundering probe, U.S., South Korea take down largest crypto-fueled child exploitation site, DOJ guidance on fines when you can’t pay, and more

Brian Monroe, 17 October 2019

UBS pays $11 million to settle Italian money laundering probe, tied to tax fracas An Italian judge has accepted a request by UBS to pay more than 10 million euros ($11 million) to settle a money-laundering investigation, ending one of the Swiss bank’s biggest legal headaches in Europe, just the latest in a series of international probes and settlements tied to financial crime and compliance failures.

UBS has been grappling with two separate probes in Italy and a court case in France over allegations it enabled cross-border tax cheats to hide assets in Switzerland.

The judge on Thursday accepted the payment of 2.125 million euros as “agreed penalty” to close the case while also seizing 8.175 million euros as profit from the alleged money-laundering, two sources with direct knowledge of the matter said.

The settlement, which by Italian law is not an admission of guilt, was requested by UBS in July, after a deal with Italian prosecutors. Last June, the Swiss bank paid 101 million euros to settle its other Italian case, a related financial investigation, with tax authorities. Continue reading “Article: Fincrime Briefing: UBS pays to settle laundering probe, U.S., South Korea take down largest crypto-fueled child exploitation site, DOJ guidance on fines when you can’t pay, and more”

Article: INVENTIVA to Participate in the “ROTH Battle of the NASH Thrones Investor Conference”

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INVENTIVA to Participate in the “ROTH Battle of the NASH Thrones Investor Conference”

Yahoo Finance, 12 October 2018

Daix (France), October 12, 2018 – Inventiva S.A. (“Inventiva” or the “Company”), a biopharmaceutical company developing innovative therapies in nonalcoholic steatohepatitis (NASH), systemic sclerosis (SSc) and mucopolysaccharidosis (MPS), today announced that Pierre Broqua, Chief Scientific Officer and co-founder of Inventiva, will participate in the upcoming “ROTH Battle of the NASH Thrones Investor Conference” being held on October 17, 2018 at the Park Hyatt New York hotel, New York, USA.

Pierre Broqua will be speaking in the panel entitled “House of PPARs vs. House of THR-beta”, one of the conference`s four panel discussions covering topics currently at the forefront of drug development in NASH.

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Article: The London Whale resurfaces: Bruno Iksil speaks out

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The London Whale resurfaces: Bruno Iksil speaks out

Lucy McNulty, 17 April 2017

Bruno Iksil, the former City trader known as the “London Whale”, has spent the past five years at home with his family in France, about 50 miles south of Paris. He runs, cycles or swims each day. He plays card games with his kids and helps with their homework.

But, on January 11, he received a call from his New York lawyers that threatens to upend all that.

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Article: Inside the New Currency Hedged ETFs from iShares

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Inside the New Currency Hedged ETFs from iShares

Eric Dutram, 12 February 2014

As the taper begins to ravage international markets, investors in the ETF world are starting to see the impact of currencies on foreign holdings. Many currencies are slumping against the U.S. dollar, and this is really having a huge negative impact on stock prices when investors adjust returns back to American currency.

Thanks to this currency slide and the possibility of a strong dollar, investors are starting to embrace currency-hedged ETFs in droves. Several have proven their worth over the past few months and they have really begun to build up assets as a result, leading other ETF issuers to consider jumping in on the market as well (see all the Top Ranked ETFs here).

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