Already curtly sacked from his former group at the end of January, the ex-CEO of Orpea is now in the spotlight of justice. Yves Le Masne, managing director of the private group for twenty-eight years, is the subject of an investigation for “insider trading” opened by the National Financial Prosecutor’s Office (PNF). The judges are interested in the resale of shares by the former general manager of the group before the publication of the book by journalist Victor Castanet, which reveals the abuse in the group’s nursing homes.
February 2, the chained Duck had indicated that the former CEO had sold in July no less than 5,456 shares of the group. According to the weekly, this stock market operation in the amount of 588,000 euros was carried out “just three weeks after Orpea management was informed of the forthcoming publication of the book” investigation by Victor Castanet, the Gravediggers, which denounces an almost institutionalized mistreatment in the establishments of the group.
“Confidence in the future of society”
In a letter sent to Agence France Presse by his lawyer on February 4, Yves Le Masne “strongly refuted any accusation of insider trading”. The ex-CEO assured that the sale of“about one third of (its) shares” did not have “nothing to do with Mr. Castanet’s book, which did not create any particular concern for us”. According to him, he had no “no reason” to sell more shares, “having full confidence in the future of society”.
“Mid-summer is when I usually sell stocks, as shown in my statements published earlier”was further justified by the former general manager of the group in this letter. “I have always made my share sales within the permitted periods and made all regulatory declarations to the competent authorities”he also said.
After the revelations of the book, the government has already announced the opening of a double administrative investigation into Orpea, entrusted to the general inspections of social affairs (Igas) and finances (IGF). The Senate also intends to launch a commission of inquiry. For their part, families of residents of Ehpad, employees and unions have approached law firms to try to launch legal actions against various establishments, including Orpea and Korian.