French Parliament questions Forgeard over EADS situation

London
Source:
This story is sourced from Flight International
Subscribe today »

By David Kaminski-Morrow in London

EADS co-chief executive Noël Forgeard is being questioned by a cross-party French parliamentary committee today as inquiries continue into the situation at the aerospace giant and the disposal of EADS shares by Forgeard and other senior executives.

Forgeard’s appearance before representatives of France’s economic and financial commissions – some 50 members in all – comes as the French stock-exchange regulator, l'Autorité des marchés financiers (AMF), extends its investigation to EADS’s Paris headquarters.

EADS share saga

Not a happy Noël

Future of Franco-German pact at heart of EADS put under question by top French ministers

French opposition leader calls for resignation of Noël Forgeard in growing political scandal over EADS

Forgeard faces test over crisis at EADS

Co-CEO Enders explains decision not to sell EADS shares

French financial watchdog reveals EADS share price investigation is underway

EADS co-CEO Noël Forgeard apologises for referring to French politicians as 'monkeys' in Sogerma Services closure row

“He will explain a few things, make a short presentation,” says EADS. “But it is not a court. Nothing will happen at the end of it.

“It is a French tradition to have this. Parliament wants to know about economic problems.”

He stresses that Forgeard has been invited to appear before the committee and that he is not obliged to attend.

The Assemblée Nationale is expected to ask not only about the problems affecting Airbus A380 production but also about the decisions by Forgeard and other EADS directors to dispose of shareholdings in March – before revelations over serious delays to the A380 programme prompted a sharp fall in the value of EADS shares.

Industrial shareholders Lagardère and DaimlerChrysler also opted to reduce their stakes in EADS by 7.5% in April.

EADS says that AMF is “currently enquiring” at its main Paris office and that the firm is “continuing to fully co-operate” on the matter.

Blog:
Read Flight International's editor Murdo Morrison on why Noël Forgeard cannot survive and who might take his place as chief executive of EADS