PARIS--(BUSINESS WIRE)--Regulatory News:
Following a complaint filed by Société Foncière Lyonnaise (SFL) (Paris:FLY) in July 2017, the 11th Criminal Chamber of the Paris Tribunal de Grande Instance (regional court) has found Pierre-Alain Wanten guilty of falsifying evidence, defrauding and attempting to defraud SFL and laundering the proceeds of fraud (TGI Paris, 4 July 2018).
Apure, the non-profit founded and chaired by Mr Wanten, or Mr Wanten himself had filed some 60 challenges to issuing authorities and before the courts against building permits associated with various major real estate projects in Paris.
According to the Court, Mr Wanten had “devised a strategy to compel the property companies that had obtained the permits to settle with him, in his capacity as chairman of Apure or as an individual”.
The Court sentenced Mr Wanten to imprisonment for a term of 30 months, suspending the sentence for two years on the condition that he pay compensation for the losses caused by his offences, subject to his ability to pay. Mr Wanten was also banned from engaging in any professional or social activity pertaining to the planning or environmental sectors for a period of five years and all amounts seized during the proceedings were confiscated. A legal notice is to be published in the French Official Journal and in Le Moniteur magazine and Le Parisien newspaper.
The court also granted SFL’s claim for symbolic damages of one euro.
Mr Wanten has appealed the decision.
SFL was assisted in the proceedings by criminal law specialist Alexandre de Konn of LPA-CGR.
Leader in the prime segment of the Parisian commercial real estate market, Société Foncière Lyonnaise stands out for the quality of its property portfolio, which is valued at €6.4 billion and is focused on the Central Business District of Paris (#cloud.paris, Edouard VII, Washington Plaza, etc.), and for the quality of its client portfolio, which is composed of prestigious companies in the consulting, media, digital, luxury, finance and insurance sectors. As France’s oldest property company, SFL demonstrates year after year an unwavering commitment to its strategy focused on creating a high value in use for users and, ultimately, substantial appraisal values for its properties.
Stock market: Euronext Paris Compartment A – Euronext Paris ISIN FR0000033409 – Bloomberg: FLY FP – Reuters: FLYP PA
S&P rating: BBB+ stable outlook