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“Mamie Cassoulet” faked accounts: sanctions less severe than feared for Mazars and PwC – Economy

Mazars was sentenced to a ban – accompanied by a suspension – from exercising the function of auditor for one year and a fine of 400,000 euros. PwC Entreprises and PwC Audit received a reprimand, as well as a financial penalty of 50,000 euros, for the second.

French flagship of the agrifood industry, Financière Turenne Lafayette (FTL) had to be heavily restructured after the discovery of ten years of financial manipulation on the death, in November 2016, of its owner, Monique Piffaut, 78, nicknamed by ” Mamie Cassoulet ”, who died taking away her secrets on the management of her empire (William Saurin, Garbit, Paul Prédault and Madrange hams). An audit, launched by the new management, had revealed un make-up of the group’s accounts on a large scale. In total, the slate of false invoices reached astronomical sums, between 250 and 300 million euros, according to press estimates at the time.

At the same time, in criminal matters, judicial information was opened in April 2019 and entrusted to financial examining magistrates. The H3C’s decision was expected before the proceedings continued.

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