A public bank is supposed to invest other people's money. At Bpifrance, prosecutors are looking at those who also allegedly invested their own — in the same place. The PNF has reportedly opened a preliminary investigation for illegal taking of interest, after a referral by the Court of Auditors.
About 200 staff, and the CEO
According to L'Usine Nouvelle, some 200 of Bpifrance's 3,500 employees, along with CEO Nicolas Dufourcq and members of his executive committee, are said to have subscribed to the “Bpifrance Entreprises 1” fund. The matter stems from a Court of Auditors report on the bank's investment activities.
The “BE1” fund at the centre
Launched in 2020, “Bpifrance Entreprises 1” gave the public access, from €5,000, to a portfolio of companies backed by Bpifrance. That staff tasked with managing these investments also subscribed raises the conflict-of-interest question — hence the charge.
Investing in the companies you fund with public money is what some call believing in your job. The PNF prefers to call it illegal taking of interest.
Magouilles & Compagnie's verdict
Two hundred staff, a CEO, an in-house fund and a referral from the Court of Auditors: the case cuts to the ethics of public money. The probe is only beginning and presumption of innocence fully applies.
⚖ Your verdict Live
In your view, is this a case of magouille — or calomnie?
📚 Sources
- L'Usine Nouvelle — Bpifrance under scrutiny after conflict-of-interest probe opened
- Anticor Observatory — Nicolas Dufourcq
❓ FAQ
What is illegal taking of interest?
It is when a public official takes or keeps an interest in a matter they are responsible for supervising or administering.
Which fund is involved?
“Bpifrance Entreprises 1” (BE1), launched in 2020, which let the general public invest from €5,000 in a portfolio of companies backed by the public bank.
Is this real news?
It is factual satire based on L'Usine Nouvelle. A preliminary investigation is not a conviction; presumption of innocence is respected.