The approach of the French General Assembly of shareholders of June 15 Gecina, Joaquin Rivero, the Spanish President of the land, preparing her arguments. In an interview with the "Echos", he defends his record responds to charges of abuse of social goods which is the subject, commented on the entry into force recent compatriot Metrovacesa to the Board of Directors of the Corporation. "I understand the criticism, I accept, but I have nothing to hide." "I did not realized fraudulent operations," he assured. "We can know a rough AG but in 2008, despite the crisis, we have posted record results with recurring profits the highest in the history of the company," recalls in passing.
Holder of 17.8 of the titles, Joaquin Rivero natural judge the rise of compatriot Metrovacesa, which is 26.9 of the capital and the number of Directors is passed from one to five last May. Allowing it now to match with the Spanish sponsor and ally Juan Bautista Soler (15.3). "It was right in view of its involvement", said the person concerned. Better, he claims the proposal, adopted the week last Board of Directors, to appeal to an external auditor to look at the governance of the company, "while that the current worked without challenges these past four years", and set new standards for investments and divestments. The objective is to avoid any suspicion of abuse of social goods such as those reported by the association for the defence of minority shareholders (Adam) in the future. The latter had been the attack following the acquisition recently by 49 of the land Spanish M'Bami Gecina, held at parity by the duo Rivero-Soler, at a price considered overvalued and an advance of 60 million in Bamolo, a firm based in the Luxembourg for the purchase of land in Marbella.
"We have misled anyone, or no hidden." "A study for more than a year, operation M'Bami was presented with transparency on the basis of valuations made by three different banks, three international real estate boards not to mention a Clifford Chance on our governance report and audit of Pricewaterhouse", says JoaquÃn Rivero. "The transaction does certainly not adopted unanimously but the majority by the Board of Directors during a poll marked by five abstentions because we have not voted to avoid a conflict of interest." In my opinion, it is a good case for Gecina. Madrid non-residential market offered the same yields than that of Paris the past 25 years. In the case of Bamolo, we granted a mortgage loan conditioned to the authorization of the construction of a hotel. It is a common practice among us. Our strategy is still supported on diversifying by product, customer and country. I find it logical that a company controlled 70 percent by Spanish shareholders take interests in Spain.
"The hazards of the profession."
Joaquin Rivero sees behind the turbulence of recent months which saw him lose part of its voting rights and abandon the branch of the land "the intention of some to discredit me." "What are the hazards of the profession of contractor." What happens to me in France already happened in Spain. I also have the object of attacks when I walked into Metrovacesa. When I bought Gecina, I was criticized for paying too expensive! "Run, the events regularly gave me reason" he recalls with a certain philosophy, insured that calm should return around Gecina. According to him, as evidenced by their decision to question the separation of their predecessor agreement, the new owners of Metrovacesa have no intention of selling the land by apartments. "In addition, they do not have the majority to do" is one who thinks remain President of the society. "There was not contrary to there", he said.