on ELECTRICITE ET EAUX DE MADAGASCAR (EPA:EEM)
Legal case: Verdict against François Gontier and Foch Investissement
The company Electricité et Eaux de Madagascar (EEM) announced the verdict of the Paris Judicial Court regarding its dispute with François Gontier and Foch Investissement. The court found Mr. Gontier guilty of bribing foreign officials in Cambodia and breach of trust against the company's Cambodian subsidiary, VAK. He was sentenced to four years in prison, three of which were suspended.
Mr. Kong Borom Theam, an accomplice involved in the scheme, received a three-year prison sentence. EEM and VAK were recognized as victims, but the €200,000 in compensatory damages had already been covered by a previous agreement in May 2026. EEM plans to appeal the judgment on several points concerning its civil action.
R. H.
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