Michel Pébereau

An investigation examined BNP Paribas share sales by Michel Pébereau before the market learned of adverse developments, notably relating to the US case. In April 2015, prosecutors closed the case without further action, finding the evidence inconsistent with insider trading.

State of the evidence

Documented

In 2014, BNP Paribas pleaded guilty in the United States to processing billions of dollars in transactions involving Sudan, Iran and Cuba, among others, in breach of US sanctions. A substantial proportion of the conduct occurred during Michel Pébereau's chairmanship, and US warnings had been issued to the bank from the mid-2000s.

State of the evidence

Documented

Attribution

Directly implicated

Person targeted by the proceedings

BNP Paribas

Role of the person profiled

Protagonist not prosecuted

Following criticism by the Court of Auditors of Sciences Po's management and governance, staff and students challenged its governing bodies, including the board chaired by Michel Pébereau, and demanded resignations. The Court particularly highlighted weaknesses in oversight by its deliberative bodies.

State of the evidence

Documented

Attribution

Directly implicated

BNP Paribas's proposed acquisition of Fortis assets, supported by Belgian authorities during the financial crisis, was challenged in court and by Fortis shareholders. After judicial intervention, shareholders rejected the initial transaction in February 2009; a renegotiated agreement was eventually approved in April.

State of the evidence

Documented

Attribution

Directly implicated

During the financial crisis, while BNP Paribas benefited from public support measures for the banking sector, media revealed that Michel Pébereau was entitled to an additional annual pension of approximately 800 000 euros. The amount triggered substantial controversy over bankers' executive benefits.

State of the evidence

Documented

Attribution

Directly implicated

The public debt commission chaired by Michel Pébereau called for reversing rising indebtedness, returning to balanced public finances and tightening spending discipline. Its conclusions became a reference in budgetary debate but were criticised for a restrictive interpretation of public finances and a pro-austerity orientation.

State of the evidence

Documented

Attribution

Directly implicated

In 1999, Michel Pébereau launched BNP's dual public share-exchange offer for Société Générale and Paribas, disrupting the proposed SG–Paribas merger and triggering a months-long banking battle. BNP ultimately gained control of Paribas but failed to acquire Société Générale.

State of the evidence

Documented

Attribution

Directly implicated