Rivero & Soler Clash With Blackstone

18/02/2014 – Expansion

Spanish businessman Joaquín Rivero brings Blackstone into trial, accusing the U.S. fund of fraud. Also, several financial institutions supporting the fund are under suspicion, said to have falsified documents concerning the 31% holding worth €1.6 million in Gecina´s capital.

Rivero claims return of the shares that together with Juan Bautista Soler the businessman deposited in Luxembourg as collateral, and now owned by Blackstone. (…).

The businessmen accuse Blackstone and Ivanhoé of plotting against them and making the Luxembourg court accept the collateral in a hazel way. (…). They verbalized harsh allegations as “crime, offense, falsification and fraud”.

The banks that sold the debt (Natixis, Bankia and Bank of America Merrill Lynch) are suspected to have cooperated with the funds (…).

Judge from Luxembourg set the stock price of Gecina at €91 per share. The collateral agreement included a clause stating that in case of any dispute arising from the agreed upon, the Luxembourg court will prevail, however the financial institutions are free to take any legal action in any other court. Thus, Blackstone and Ivanhoé have not commited any crime as the guarantee execution has been unrelated to the receivership proceedings. Blackstone took control over 22.9% of Gecina´s capital after the arrangement accomplishment. (…).


Original article: Expansión (Luis Sevillano)

Summary: AURA REE