We represent minority shareholders of Marie Brizard Wine & Spirits (MBWS), a listed company in which the holding company COFEPP controls approximately 80% of the share capital. According to our clients, this controlling position places the company's management in a situation of structural conflict of interest: the controlling shareholder is simultaneously an ultra-majority shareholder, a competitor in certain market segments and a supplier to the company.
Several serious concerns have been raised regarding the company's governance and the quality of its financial disclosure, in particular as to the transparency of intragroup transactions and their characterisation under the rules on regulated agreements, the absence of any distribution policy despite significant net cash, and the degree of independence of the board of directors.