This is a new revelation that further damages the image of the world’s No. 1 private Ehpad. A few hours after the hearing of the new CEO and the Director General France of Orpéa at the Ministry of Health, the Duck Chained points the finger at a financial operation carried out by the former boss of the group.
An operation at almost 600,000 euros
According to the satirical weekly of Wednesday February 2, Yves Le Masne, dismissed Sunday evening after the revelations of the book The Gravediggers, sold 5,456 shares of his company last July. Gold, the Chained Duck reveals that he had known for at least three weeks that a book was in the works on possible malfunctions in the management of several nursing homes in the group.
The operation allowed him to collect more than 588,000 euroswhat “may amount to insider trading“, continues the newspaper.
The action, which quoted 107.80 euros at the time, has collapsed since the scandal broke: the title was worth around 40 euros on Tuesday afternoon, after a low of 37.77 euros.
A common practice
Yves Le Masne who, until his dismissal, had been running the listed company since February 2011, regularly sold shares in the company. As required by procedure, he informed the Autorité des Marchés Financiers (AMF) of this stock market action. The AMF is responsible for ascertaining the regularity of this type of transaction, the conditions of which are strictly regulated by law.
It is also to the AMF that Philippe Charrier, the new CEO of Orpéa, was sent when interviewed on BFM TV.
Of course we have been informed of this, since a report is systematically submitted to the AMF for any transaction carried out by managers on the group’s share. The authorities will examine this case with the person concerned. He may have good reasons that I don’t know, but I’m certainly not going to judge him for the authorities (Philippe Charrier, new CEO of Orpéa)
The government wants to “hit hard”
After hearing the leaders of Orpéa, the Minister Delegate in charge of Autonomy, Brigitte Bourguignon, announced that she wanted to “hit hard” throwing a double administrative investigation on the company, one entrusted to the General Inspectorate of Social Affairs (Igas), the other to the General Inspectorate of Finance (IGF).
A “extensive control operation” is also launched within Ehpad Orpéa according to the minister. The government could also “review accreditation procedures“retirement homes”without a doubt“by moving towards the same system as that of private clinics, namely certification granted by the High Authority for Health, said Prime Minister Jean Castex.