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Liechtenstein hit by Russia-linked ‘zombie trust’ crisis

Hundreds of entities in legal paralysis in the principality after US sanctions trigger wave of director resignations

Liechtenstein has launched an emergency task force to tackle a crisis of “zombie” trusts, which has left hundreds of entities linked to wealthy Russians in legal paralysis.

The tiny Alpine principality, a hub for thousands of trusts and foundations, has been hit by a wave of resignations by fiduciary and board directors in the past six months as its regulatory system adjusted to US sanctions packages against Russia.

The result could leave as many as 800 orphaned entities — legally recognised but functionally frozen — with nobody in charge to manage assets or oversee liquidation.

Bankers and lawyers have warned the crisis risks contagion into the country’s broader financial sector, including major banks, if the government does not address the problem.

“We are talking about multibillion-dollar floating zombie trusts. And there is no solution yet. I have never seen anything like it,” said one Vaduz-based lawyer whose clients include several of the affected trusts.

Liechtenstein adopted EU sanctions packages against Russia following the full scale invasion of Ukraine in 2022. Nonetheless in 2024, under the Biden administration, the US placed sanctions on several Liechtenstein-based entities and individuals owing to their associations with Russian individuals and activities.

The US also warned Liechtenstein as well as other European countries last year that it could impose secondary sanctions on foreign financial institutions that work with certain Russian clients — even if those clients are not individually sanctioned.

Fearing further US action, Liechtenstein’s Financial Market Authority (FMA) adopted a zero-tolerance approach, urging industry in September to treat US sanctions as in effect binding because they posed “existential” legal and reputational risks.

The FMA explicitly advised fiduciaries — a person or entity legally authorised to manage assets on behalf of others — to terminate relationships with exposed clients, saying it was “the only appropriate means” of risk control.

This prompted directors to resign en masse, said Helmut Schwärzler, a lawyer at Schwärzler Rechtsanwälte. He added the overlapping legal obligations, from foreign sanctions regimes and in Liechtenstein, have made it nearly impossible to find replacements for directors, he said.

The US actions have been “unexpected and that has caused panic”, said Schwärzler. “Even the authorities said we do not know what could happen tomorrow let alone in one or two months.” 

“The vast majority of these entities are assets of non-sanctioned Russian people living in the south of France or Italy or places like Dubai. Even entities having just a remote link to Russia are affected.” 

Government figures show 350 entities are in limbo pending regulatory deadlines and 40 of those are in early liquidation proceedings. The government has said 85 are orphaned because no liquidator can be appointed.

Officials and legal experts assisting with the delisting, civil litigation or attempts to reinstate fiduciary directors told the FT the number affected could eventually reach as much as 800 without a solution.

The opaque nature of the entities makes it difficult to estimate how much wealth connected to Russian people is frozen or stuck. The people said the trusts contain anything from $5mn in cash to billions of assets including yachts, aeroplanes, family offices and luxury properties.

There are fears the crisis will undermine Liechtenstein’s status as a financial hub. The tiny country’s vast trust industry is prized for its favourable tax and legal frameworks as well as its perceived ability to shield clients from geopolitical fallout.

“This is starting to be problematic for the Liechtenstein financial centre,” said MP Thomas Vogt in June.

The other looming danger if the situation is not resolved is Russia putting pressure on Liechtenstein, says Johannes Gasser, partner at Gasser Partner, one of the principality’s biggest law firms.

“There is a risk from the US but also from Russia now. This could become another unprecedented and unparalleled risk from the other side that is equally powerful,” he said. 

Martin Alge, head of Liechtenstein’s Office of Justice, said the finance ministry and society and justice ministry have set up a steering group including the business sector to draw up options to tackle the “orphan” legal entities problem.

“The government knows how important it is to fix the issue. The department has been attempting to find liquidators and solutions such as appointing new boards, but the process has been difficult.”

He did not confirm the 800 figure but said it was “possible” that many could eventually be affected.

Separately the Liechtenstein government said it “accords the highest priority to a strong co-ordinated response to Russia’s ongoing aggression against Ukraine among our partners, including the US”.

The US Treasury said in a statement that it is co-operating with Liechtenstein authorities on illicit finance issues: “Treasury exchanges information and shares guidance with Liechtenstein on compliance with US sanctions and countering money laundering in its jurisdiction.”

China boosts nickel reserves as tensions with US simmer

Beijing takes advantage of prices at 5-year lows for metal vital to steel and EV batteries in push to secure supply chains

China is amassing huge quantities of nickel, taking advantage of low prices to bolster its reserves of the metal vital to stainless steel and electric vehicle batteries in the face of an escalating trade war with the US.

Beijing is estimated to have bought up to 100,000 tonnes of nickel for its state reserves since December, according to two people familiar with the matter as well as a Financial Times analysis of China trade data and withdrawals from the London Metal Exchange. Three other people confirmed the purchases but did not provide a figure.

Industry experts said Beijing’s nickel stockpile was estimated at 60,000 to 100,000 tonnes before the latest round of purchases, meaning China is thought to have doubled it this year. China does not regularly disclose the volume of its metal reserves.

“There has been a big increase in Chinese imports of nickel metal and it’s going into the government’s strategic stockpile,” said one senior industry figure.

The build-up comes as Beijing looks to secure its supply chains at a time of increasing geopolitical tensions with Washington, and as nickel prices have hit their lowest levels since 2020. China dominates the global supply chain of critical minerals and rare earths, and uses them as leverage over trading partners. 

China’s National Food and Strategic Reserves Administration, the government agency that manages official stockpiles, has been purchasing high-purity nickel, known as “class one” metal, since December, the people said. 

Customs data shows China’s purchases of pure nickel reached 77,654 tonnes in the first five months of 2025, the highest level of purchases for the period since 2019 and more than double the volume over the same period last year. Class one nickel is used in electroplating for consumer goods and aerospace as well as production of EV batteries.

However, consumption of class one nickel is only growing at 5-10 per cent per year, according to one leading industry analyst. The International Nickel Study Group has forecast total nickel demand in China will increase 4.9 per cent in 2025, including lesser grades such as nickel pig iron and other nickel products.

That mismatch “is a smoking gun for stockpiling”, the industry figure said.

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China is also stockpiling other industrial metals, according to a person close to a government trading partner. The strategic reserves administration indicated in a March notice that it was looking to buy nickel, lithium, cobalt and copper for the state stockpile, the person said.

Nickel prices have slumped about 40 per cent over the past two years due to rapid expansion of production in Indonesia, which holds to the world’s largest nickel reserves and controls two-thirds of global supply. Export controls on raw nickel in the past have hurt Chinese steel producers.

“Because the nickel price crashed last year, it was actually a good time to gear up the national reserve,” the person added.

Chinese purchases could even be providing a floor for nickel prices, which have also been hit by slowing demand for nickel-based EV batteries, the people familiar with the matter said.

Withdrawals of class one nickel from the global network of LME warehouses also indicate unusual trade patterns. LME data shows global buyers withdrew 78,798 tonnes between January and June 27, far higher than the 17,544 tonnes over the same period last year and outpacing even the 44,106 tonnes for all of 2024.

The LME said nickel trading volumes hit the highest quarterly level in the latest three months since the start of 2020.

“The idea of China stockpiling nickel is something we’ve been having lots of conversations about with market participants and clients,” said one market analyst.

China is probably buying class one nickel originating from Indonesia — whose supply into the LME has surged in the past year since the exchange allowed refined nickel produced by Indonesian and Chinese companies into its warehouses. China is also likely to be buying from domestic production, which is not reflected in the LME or import data, the people said.

China’s strategic reserves administration and state council did not respond to requests for comment.

Territory boosted by Chinese companies looking to raise money in currency pegged to US dollar

The number of companies applying for a listing in Hong Kong this year has hit an all-time high, as the territory tries to regain its status as a top financial hub and attract Chinese companies looking to expand abroad. 

A total of 208 companies applied for primary or secondary listings on the Hong Kong Exchange in the first six months of this year, beating the previous record of 189 companies in the same period in 2021, according to data from the exchange. Last month, 75 companies applied — a record number for a single month.

Companies have been attracted by Hong Kong’s soaring equity market, Chinese investors moving money into the territory and its relative openness to equity fundraising compared with the mainland. Chinese companies have also been attracted by the prospect of raising money in a currency pegged to the US dollar outside of China’s capital controls.

“You’ve got everyone coming all at once to the Hong Kong market,” said Kenneth Chow, co-head of equity capital markets in Asia for Citigroup. “You’ve had this confluence of international and Asian investors reallocating money to the Hong Kong market.”

The surge in listings has helped propel Hong Kong to the top of the capital markets rankings. The HKEX was the number one listing venue in the first half of this year with $13.9bn raised in initial public offerings and secondary listings, ahead of the Nasdaq with $9.2bn and the New York Stock Exchange on $7.8bn, according to data compiled by KPMG that excludes special purpose acquisition company deals.

The buoyant first half for the former British territory stands in contrast to the decline of the London market, which raised just £160mn in the same period — its worst half-year performance since 1995.

It also comes as the Hong Kong market posts its biggest first-half outperformance against Chinese stocks since 2008. That in part has been fuelled by Chinese investor money flowing into Hong Kong via the stock connect at record levels, and has whetted companies’ appetite to list in the territory. “The numbers are off the charts,” said Citi’s Chow.

The record Hong Kong pipeline includes about 47 companies that are already listed on the mainland, according to KPMG. The territory is now seen as the only realistic option for Chinese companies wanting overseas listings, given heightened US-China tensions and the threat of delistings.

These so-called A-to-H listings have been a driving force of Hong Kong capital markets activity since last year. These Chinese companies are seeking to raise money offshore to invest in overseas expansion as the domestic economy teeters on the edge of a deflationary spiral.

CATL, the world’s largest electric vehicle battery maker, in May launched a $5.3bn secondary A-to-H listing in Hong Kong, the largest of 2025. Others include pharma company Jiangsu Hengrui and, last year, white goods maker Midea.

“As we look into the pipeline of the deals, a lot of these [Chinese] companies have strong global presence,” said Johnson Chui, head of global issuer services at HKEX.

“The reasons for listing in Hong Kong could include brand building, raising international capital or offering Hong Kong stock as compensation to employees or for use as an acquisition currency as they think about options for potential growth,” he added.

The HKEX has taken steps to encourage more companies to list over the past few years, including establishing separate listing routes for specialist technology and biotech companies.

Hopes are rising that the listings boom could broaden out beyond Chinese companies. Thai coconut water maker IFBH raised more than $100mn in Hong Kong at the end of June.

“In terms of international issuers: the way we think about it is we are the listing venue of choice for Asia-focused companies,” said HKEX’s Chui. “We are definitely seeing an increased issuance and willingness for international companies to come to Hong Kong to list to access our global and broad investor base.”

While not every company that files paperwork follows through with a listing on the exchange, the current pipeline of companies includes at least one Apple supplier, Lens Technology, which makes glass for the iPhone manufacturer and is already listed on the mainland. It also includes the international arm of gold miner Zijin Mining and Chery Automobile, China’s largest auto exporter.

Fast-fashion giant Shein is also believed to be moving towards a Hong Kong listing over London or New York.

The success for Hong Kong comes as fundraising on the mainland Chinese market remains muted. Total funds raised from January to June have declined 5 per cent to Rmb53.7bn ($7.5bn) compared with a year ago, according to KPMG data, despite authorities telling some companies they could begin the process of listing.

Permission to offer credit cards to 11mn British customers still pending as fintech nears 1st anniversary of becoming a bank

Revolut has yet to receive the green light from UK financial regulators to provide consumer credit services to its 11mn customers in Britain, marking the latest hurdle for the $45bn fintech to become a full-service UK bank.

The group is still awaiting authorisation from the Bank of England’s Prudential Regulation Authority and the Financial Conduct Authority after applying for a consumer credit licence last year, which would enable it to offer credit cards and other services in the UK, according to people familiar with the matter.

The consumer credit licence is separate from Revolut’s UK banking licence, which it secured last year from the PRA with restrictions. However, the restrictions limit the deposits Revolut’s banking unit is allowed to accept to a tiny £50,000 total.

The credit application highlights that Revolut is still awaiting several regulatory permissions to become a fully fledged lender in the UK.

The company already offers consumer credit services in several EU markets, including credit cards and the ability for customers to pay in instalments in Ireland, Poland and Lithuania. It plans to launch similar services in the UK, but has accepted this is likely to be delayed until after it receives its full banking licence.

Some elements of the consumer credit licence would be useful for other products, such as credit scoring, which Revolut is using to offer quick approvals on mortgages in Lithuania, with plans to expand this service into Ireland soon. Revolut already has a pan-EU banking licence from authorities in Lithuania.

The fintech secured a UK banking licence with restrictions last July following a protracted — and sometimes fraught — three-year process with regulators, delivering a boost to the group’s expansion plans in its home market.

The restrictions — in place as long as Revolut remains in the PRA’s so-called mobilisation stage — mean that in addition to the £50,000 total deposit limit insured by the UK’s guarantee scheme, the fintech cannot extend loans to customers. It needs to meet certain requirements to exit mobilisation and operate as a bank.

The PRA says that the mobilisation period “cannot continue indefinitely and should take no longer than 12 months”. But it accepts “there may be some circumstances that are beyond a new bank’s control” in its ability to meet the deadline.

Revolut declined to say if it would exit mobilisation by the 12-month deadline on July 25, with one person familiar with the process saying that it was “not a statutory limit”. Executives believe Revolut’s banking licence was always likely to take longer than usual given the company’s greater size compared to a typical applicant.

In its latest annual report, the group said that its aim was to exit mobilisation “during 2025”.

Revolut said: “Our ambition has always been to make Revolut the bank of choice for UK customers, offering products and services that improve their financial lives, including consumer credit.

“As part of this ambition, our UK bank has applied for a consumer credit licence. We’re continuing to work closely with UK regulators as we build towards launching our UK bank, and look forward to introducing new products to our UK customers once that process is complete.”

The FCA and PRA declined to comment.

Takeover would put ‘significant chunk of essential infrastructure under the control’ of UMG, executives complain

More than 200 executives from independent labels and trade associations have written to EU regulators to complain that Universal Music Group’s $775mn acquisition of music services company Downtown poses a “clear threat” to competition and growth in the industry.

In a letter sent on Friday evening to Teresa Ribera, the EU’s competition chief, the groups urged the European Commission to carry out a more detailed investigation of the deal, which they argue will give Universal too much power. 

The commission is currently probing the deal, which is being carried out by Universal’s Virgin Music group division, with a decision expected this month about whether to clear the purchase, demand concessions or open a more detailed investigation.

Signatories of the letter include independent label chiefs such as Martin Mills, chair of Beggars Group, Jeremy Lascelles, chief executive of Blue Raincoat Music, Martin Goldschmidt, chair of Cooking Vinyl, Darius Van Arman, co-owner of Secretly Group, and Tony Kiewel, co-president of Sub Pop.

UMG is the world’s largest music company, while Downtown operates leading distribution platforms FUGA and CD Baby, as well as service providers Curve and Songtrust. 

Independent labels, publishers and artists rely on such services to distribute their music to streaming platforms, track royalties, manage rights and get paid.

The letter warns that the deal would place “a significant chunk of essential infrastructure under the control of the market leader”, forcing independent companies to rely on their biggest rival to reach fans.

Executives are concerned that larger labels are buying up rival independent labels, which they argue will stifle competition and innovation.

The letter raises “serious concerns” about the proposed deal given Downtown’s “distribution, royalty accounting, and rights management capabilities — services used by thousands of companies and artists across the independent sector”. The deal would “further entrench [UMG’s] already significant market power”, signatories warn.

In a statement, Virgin said that “independent entrepreneurs have an abundance of choice for how they access resources and capital that they require for success”.

It added: “We respect the decision of certain entrepreneurs who choose not to work with Virgin or other major-affiliated partners. But the artist and label services market should not be designed around the personal preference of a minority of the label community, especially when dozens of other viable routes to market exist.”

This week, the co-chief executives of Virgin sent a memo to staff, seen by the Financial Times, explaining that they planned to invest in and expand the wide range of services to independent labels by Downtown. They said that Virgin would uphold and strengthen Downtown’s data privacy policies to safeguard its clients.

The commission did not immediately respond to a request for comment on the letter’s contents on Sunday evening.

Magic Seas appears to be first commercial vessel hit by rebel group since December

The crew of a Greek-owned cargo ship was forced to abandon the vessel in the Red Sea on Sunday after the first suspected attack by Yemen’s Houthis this year on a commercial vessel.

If confirmed as the work of the Houthis, the attack on the Magic Seas, a dry bulk carrier owned by Greece’s Stem Shipping, would be the first on a commercial vessel since December by the group, which is backed by Iran.

Michael Bodouroglou, Stem Shipping’s chief executive, told the Financial Times the crew had been left “terrified” by the multiple waves of attacks, which started with an assault by men in skiffs and left the ship taking on water.

“They didn’t know whether they were pirates or Houthis but then it became obvious they were Houthis because there were more and more, and there were missiles,” Bodouroglou said.

Martin Kelly, head of advisory for marine security company EOS Risk Group, said the attack marked a “huge shift in intent” by the Iran-backed group, both because it was the first in so long and because of the scale of the attack.

Pointing to the apparent use of skiffs, uncrewed surface ships and missiles fired from drones, Kelly said: “They meant to sink this ship.”

The vessel was carrying a mixture of steel products and fertiliser from China to Turkey, said Bodouroglou. He insisted the current voyage had no links to Israel — the reason usually cited by the Houthis for attacking ships — but acknowledged his vessels sometimes called at Israeli ports.

Bodouroglou said missiles had started fires in the forecastle near the ship’s bow and in its second hold. The vessel’s fuel tanks were damaged and the engine room hit, leaving it taking on water.

The crew was in the course of abandoning ship, he said, adding that the vessel might sink.

“The good thing is no crew member has been hurt,” Bodouroglou said.

The UK’s Maritime Trade Operations office subsequently confirmed the entire crew had left the ship and were “awaiting assistance”. The vessel was 51 nautical miles south-west of Hodeidah, the Houthis’ main port, at the time of the attack, the office said.

The Houthis did not immediately claim responsibility. However, no other group has mounted similar attacks in the Red Sea in recent years.

The Houthis have said they are attacking ships in support of Gaza’s Palestinians. Their first attack — on the car carrier Galaxy Leader — took place in November 2023, shortly after Hamas’ October 7, 2023 attack on Israel.

The group stopped attacking commercial vessels in the run-up to the start of a ceasefire in Gaza in January and had not resumed them since then, despite the collapse of that truce in March.

The group has instead focused on firing missiles repeatedly at targets in Israel, such as the country’s main airport.

In May US President Donald Trump said the US would stop its bombing campaign against the Houthis in response to assurances from the Iranian-backed group that it would halt its attacks on ships.

The Houthis’ previous attacks on commercial ships sank two vessels, set fire to another three and killed at least four mariners. The attacks prompted many shipowners to redirect vessels away from the Red Sea and Suez Canal and to sail round the Cape of Good Hope.

Crude oil and product tankers had slowly begun returning to the Red Sea following this year’s lull in attacks, said Clarksons, the maritime information provider. However, owners of container ships and some other vessel types have continued to avoid the area.

Bodouroglou said he would reassess whether to go via the Red Sea on future voyages in light of the attack on the Magic Seas

Le tribunal de commerce de Paris a validé ce 4 juillet la reprise de la marque de sport par l’homme d’affaires franco-suisse Dan Mamane. Un revers pour l’offre concurrente, portée par le fonds Neopar, mais aussi par le futur ex-PDG Marc-Henri Beausire, qui prévoit déjà des recours. Retour sur deux mois de bataille violente.

premium-iconArticle réservé aux abonnés

Guillaume Echelard

4 juillet 2025 à 17h19

LECTURE 6 MIN

C’est la fin d’une âpre bataille de sept mois. Ce vendredi 4 juillet, l’offre de reprise du Coq sportif portée par l’homme d’affaires franco-suisse Dan Mamane a été validée par le tribunal de commerce de Paris. Elle l’emporte sur l’offre concurrente, portée par la famille Poitrinal et son fonds Neopar, associé au groupe Iconix (Lee Cooper) et à l'ex-PDG, Marc-Henri Beausire (Airesis). Mais ce dernier ne lâche pas l’affaire et annonce d’ores et déjà préparer un recours. Un final à l’image de ce combat entre les deux offres : acharné et impitoyable. « C’était le far-west ! », s’exclame une source proche du dossier. Récit.

Lire aussi

Comment les jeux Olympiques ont mené le Coq sportif tout droit au redressement judiciaire

Retour en novembre 2024. Acculé par les pertes (28 millions d’euros en 2023) et les dettes (258 millions), le fournisseur officiel de l’équipe de France olympique aux 121 millions d’euros de chiffre d’affaires est placé en redressement judiciaire. L’administratrice judiciaire, l’emblématique Hélène Bourbouloux, se voit attribuer une « mission 3 ». Cette clause, rarement utilisée, permet aux administrateurs judiciaires d’assumer un rôle de gestion et de représentation de la société durant la période de redressement judiciaire. « Pour la justifier, les administrateurs ont voulu montrer que Marc-Henri Beausire était dépressif », raconte l’un des créanciers de l’entreprise vieille de près de 150 ans. Beausire tente alors de démontrer l’inverse, certificat médical à l’appui. « Dans tous les cas, on utilise cette clause dans des situations hors normes, juge un avocat. Peut-être y avait-il des anomalies fortes dans les comptes, par exemple ». Par conséquent, le PDG, qui a racheté le Coq sportif il y a 20 ans avec son fonds Airesis, se voit freiné dans son projet de présentation d’une offre de continuation avec le groupe Iconix (à la tête de Lee Cooper).

« Volonté délibérée d’exclusion »

En décembre 2024, face au besoin urgent de trésorerie du Coq, Iconix propose de financer la période d’observation. Les besoins en trésorerie sont alors estimés à 12 millions d’euros. Finalement, ces derniers sont réévalués à 16 millions, et sont apportés par Dan Mamane, qui se positionne pour la reprise. Grâce à un taux d’intérêt de 12 % sur un an, ce dernier touche des bénéfices importants sur ce prêt. « Iconix a été incapable de mettre de l’argent ! », estime-t-on dans son entourage. Dans le camp adverse, on juge que les délais donnés à Iconix pour trouver l’argent étaient impossibles à respecter, et qu’il s’agissait donc là « d’un premier signal fort d’une volonté délibérée d’exclusion ». Le bras de fer s’envenime déjà entre le camp Beausire et Iconix, et le camp Mamane.

Début 2025, c’est la veillée d’armes. Chaque camp affine son offre, lève des fonds, et s’écharpe sur l’accès à la data room. En mai, les deux offres sont révélées publiquement. D’un côté, Beausire, Neopar et Iconix s’adjoignent un casting cinq étoiles (Xavier Niel, Teddy Riner, la famille Camuset - fondatrice de la marque). Certains saluent cette équipe de choc, d’autres y voient un coup de communication. « Sur les 60 millions que veut mettre cette offre, Niel et Riner ne mettent que 100 000 euros », relativise une source proche du dossier. De l’autre, Dan Mamane, plus sobre, s’allie au fonds Mirabaud Patrimoine Vivant (Renaud Dutreil), actionnaire minoritaire du Coq, et recrute Alexandre Fauvet (ex-Fusalp). Mais ne débauche pas de noms célèbres, même si celui d’Amélie Oudéa-Castéra circule quelques semaines. Cédric Meston (Happyvore), repreneur de Tupperware, s’invite aussi dans la danse, discutant d’abord avec Marc-Henri Beausire et ses associés, avant de rejoindre le camp Mamane.

Accusations de copinage

Au-delà de la forme, chacun fait valoir ses arguments. Côté Neopar, on explique vouloir préserver 20 emplois supplémentaires, maintenir la dimension populaire de la marque, ou encore l’internationaliser. L’accent est aussi mis sur l’origine des fonds de l’offre, essentiellement tricolores, là où l’offre rivale tire essentiellement ses financements des Emirats arabes unis, de Suisse ou de Malaisie. Côté Mamane, on assume une nécessaire montée en gamme, à l’image de Lacoste, pour atteindre les 300 millions d'euros de chiffre d'affaires, et on explique mettre au moins 10 millions d’euros de plus sur la table (ce que conteste l’autre camp), parmi lesquels 20 seront destinés aux créanciers. L’offre défendue par Alexandre Fauvet - futur directeur général - critique aussi le choix de Neopar de vendre la licence d’exploitation de la marque le Coq sportif aux Etats-Unis à Iconix, ce qui déposséderait l’entreprise de cet actif clé. Le clan soutenu par Teddy Riner réplique que Mamane chercherait lui déjà à vendre l’intégralité de l’entreprise pour 75 millions d’euros - ce que conteste ce dernier.

Très vite, au fil des débats, l’offre de Dan Mamane devient la grande favorite. Le CSE du Coq Sportif se prononce en sa faveur. Les administrateurs, les créanciers - qui y seraient mieux traités -, tout comme l’Urssaf semblent y être plus sensibles. « C’est la première fois qu’il y a l’unanimité contre une offre », sourit une source proche du camp Mamane. En face, on s’agace, et on s’estime mis sur la touche. « Il y a beaucoup de conflits d’intérêts, pointe un des détracteurs de Mamane. Alexandre Fauvet est un ancien de la marque de ski Fusalp, Mirabaud y a aussi investi… Or, le président du tribunal de commerce, Patrick Sayer, est un investisseur de Fusalp ! Il y a des copinages ! »

« Traque personnelle »

Marc-Henri Beausire, déjà scandalisé par sa mise à l’écart via la « Mission n° 3 », ne supporte pas de voir l’offre qu’il aurait soutenue en tant qu’actionnaire minoritaire (avec 7 % du capital) balayée de la sorte. Une lettre du cabinet August Debouzy est alors envoyée, demandant la réouverture de débats jusqu’ici biaisés, et mettant publiquement en cause la neutralité d’Hélène Bourbouloux. Cette dernière dénonce dans la foulée auprès du Monde une tentative de déstabilisation. « Ceux qui pensent qu’on peut instrumentaliser Hélène Bourbouloux, ils n’ont jamais pris un verre avec elle », sourit une connaissance de la plus célèbre des administratrices judiciaires françaises. Et la même source de glisser que Marc-Henri Beausire s’était déjà brouillé avec Joanna Rousselet, la précédente administratrice en charge du dossier.

Du côté des alliés du PDG d’Airesis, l’initiative musclée - restée sans réponse du tribunal des affaires économiques - ne fait pas l’unanimité. « Ce n’est pas le consortium qui a voulu faire ce courrier, on ne voulait pas aller jusque-là, estime une source. Même si l’on rejoint ce constat, on ne sait pas trop quels résultats peut avoir ce type de courrier ». Visiblement, en tout cas, la missive n’aura pas fait trembler le tribunal des affaires économiques. L’entourage de Marc-Henri Beausire, lui, persévère, et menace d’ores et déjà de faire appel et de divers recours. Son avocat, Edouard de Lamaze, estime : « Il a été spolié après avoir investi pendant des années des dizaines de millions d’euros dans le Coq sportif ! » Une autre connaissance dénonce « une traque personnelle ». Ses adversaires s’agacent : « Marc-Henri Beausire a un problème d’appréhension de la réalité, il est dans le déni ». Sans doute les débats risquent-ils, encore, de continuer devant les tribunaux.

Treasury secretary’s warning comes as 90-day pause on steep levies is set to expire on Wednesday

Scott Bessent has warned that US tariffs on imports from some countries will “boomerang” back to the steep levels set by Donald Trump in April unless they quickly offer concessions and strike deals with Washington.

The US Treasury secretary’s comments came ahead of Wednesday’s end to a 90-day pause in the higher levies which has helped soothe markets and left room for talks between the US and its top commercial partners.

However, Trump has so far only struck three trade pacts during this period — with the UK, China and Vietnam — leaving the rest of the global economy, including top US allies such as the EU, Japan and South Korea, in limbo and facing renewed threats of high tariffs.

Speaking to CNN on Sunday, Bessent said Trump would inform countries that failed to reach agreements with the US that higher levies on their imports would take effect next month, a plan the president had floated last week.

“I’m not going to give away the playbook. We’re going to be very busy over the next 72 hours,” Bessent said. “President Trump is going to be sending letters to some of our trading partners saying that if you don’t move things along, then on August 1st, you will boomerang back to your April 2nd tariff level.”

Bessent said he expected Trump’s approach would lead to a flurry of dealmaking with top trading partners, but that about “100 letters” would also be going out to smaller countries with little US trade, setting their tariffs at 10 per cent.

Speaking to ABC on Sunday, Stephen Miran, chair of the White House council of economic advisers, said he was hearing “good things” about the negotiations with Europe and India. “The president will decide later this week, and in the time following, whether or not the countries are doing what it takes to get access to the American market like they’ve grown accustomed to,” Miran said.

The Trump administration’s initial pause on the higher levies three months ago was forced by a fiercely negative reaction from both US equity and bond investors, who feared that American ultra-protectionism would lead to both slower growth, if not a recession, and higher inflation. However, after Trump U-turned on the higher levies, equity markets rebounded strongly while bond markets eventually stabilised.

The possibility of a rapid return to exceedingly high tariffs on many countries could reignite those concerns, but investors have shown signs of adjusting to Trump’s trade regime of on-and-off negotiations with most big countries. Meanwhile, economic data has been relatively benign, with the labour market holding up in the first months of the administration, and inflation not showing signs of rapid re-acceleration because of the tariffs.

The trade talks that will dominate the coming weeks follow a period when Trump’s attention has mostly been on passage of his signature domestic policy bill — a package of tax cuts, spending reductions to the social safety net, and new funding to crack down on immigration. With that legislation passed by Congress and then signed by Trump on Friday, the White House focus can shift back to trade and tariffs.