FRENCH BANK SMASH
DIRECTORS ARRESTED. PARIS, Nov. 17. Four of the directors of the former bank, the Foncier Francais, otherwise the Ranque Centrale Immobiliere et Coinmerciale, have just been arrested on charges of swindling and other offences. A few further details concerning this important failure of a prominent bank, entailing the loss of over 80,000,000 francs, may be added. As far back as last June th© Foncier Francais was struggling with financial difficulties, but was able to some extent to get afloat again. This was done by changing its name and tlio issue of 100,000 new 100 franc. shares, i.e., of the nominal value of 10,(XX),000 francs. But the new bank was pressed very hard by its creditors. Fresh, funds were sought so as to satisfy claimants before October 31 last. The 500,000 francs promised failed to materialise* hence the collapse. Forty-two judicial commissions have been despatched throughout France to make searches in all the branches of the Foncier Fraucais. In several instances the hooks have been seized.
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https://paperspast.natlib.govt.nz/newspapers/HAWST19250107.2.28
Bibliographic details
Hawera Star, Volume XLVIII, 7 January 1925, Page 5
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168FRENCH BANK SMASH Hawera Star, Volume XLVIII, 7 January 1925, Page 5
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