inium: Justice investigation Urbania.

Keywords: Estate, embezzlement, Fidelity, FRANCE, Michel Moubayeb, Urbania.

One of the first three directors of French property is suspected of embezzlement of funds using bank loans.

Coup de Theatre in the world of managing agents. Urbania, one of the first three directors of French property, directed by Michel Moubayeb, is being investigated by the Paris court, following a complaint for breach of trust filed in late December by Societe Generale. Urbania is suspected of embezzlement by using bank loans (accounts reflections), the total could be around 500 million euros.
Little explanation. The property managers open accounts constituents, which are placed on the advances made by the owners expense to pay current expenses. The law prohibits trustees to touch these cash flows are very important. At the same time, it is common for banks lend to the trustees the same amount deposited into the account principal (euro for euro). Funds are invested in an interest bearing account, called mirror reflection or account which is invested in cash and bond assets, liquid and safe, said a relative of Societe Generale. The goal? In particular, lower fees paid by the trustees of interest on savings. Note that reflections accounts can be opened only with the consent of owners.
There are about a year, Societe Generale has found a sudden loss of funds deposited in accounts constituents of Urbania. The bank then asked the property manager to hand accounts and reflections constituents at the same level. But it turned out after investigation by the Commercial Court of Nanterre with which the Company generally has first brought the case in September, a portion of the money accounts had been used by reflections Urbania to acquire funds trade or acquire interests held by minority shareholders.

EUR 500 million stake:
The sums involved are substantial. The total outstanding bank granted in Urbania by Societe Generale would be around 200 million euros. But other banks have also borne the brunt of the editing opaque property manager: Monte dei Paschi, the French bank, Credit Agricole or Fortis. This last school announced Monday that he wanted to resolve its trade relations with Urbania. A total of "loans" made by various banks in Urbania amount to 500 million euros, three times the revenue of the Company (approximately 160 million euros).
Monday evening, the two founders of Laforet Immobilier, which belongs to the same group qu'Urbania, threw a stone into the pond evoking the reasons for their recent eviction Laforet. "It appears that the financial goals Michel Moubayed had allowed the company Laforêt The sole purpose of bailing out troubled financial Urbania and the judiciary, through its holding company."