(News Bulletin 247) – The College of the Bourse gendarme requested this fine against two former managers of the furniture distribution specialist for transmission and use of privileged information.

The Financial Markets Authority (AMF) requested on Friday during a session of the sanctions committee a fine of 320,000 euros against two former directors of Maisons du monde, including one sitting on the executive committee, for transmission and use of privileged information.

The representative of the AMF college, a sort of prosecutor, demanded 120,000 euros for Yohann Catherine, who at the material time was director of operations of the store chain and member of the restricted executive committee, and 200,000 euros for Rémi Guillet, who also worked in senior positions at Maisons du monde between 2003 and 2018.

However, the company is not accused of anything. Yohann Catherine left the company in June 2023.

The AMF considers that Yohann Catherine transmitted, before the first two quarterly results in 2019, inside information on the evolution of turnover and/or Ebitda to Rémi Guillet, who used it to carry out transactions in stock exchange.

“Throw away your phone, you will go to jail”

Almost a month before the first quarter results, Yohann Catherine informed Rémi Guillet that the increase in Maisons du monde sales would be almost 10%. “We have to position ourselves,” he also wrote by SMS during a Board of Directors meeting on May 9, the morning before the publication of the quarterly results after the stock market.

“Throw away your phone, you’re going to go to jail,” Remi Guillet also wrote by SMS at 5:55 p.m. that day to Yohann Catherine after the latter forwarded the now public press release to him. “It’s a joke,” defended Yohann Catherine.

“Remi Guillet knew, or should have known, that the information provided by his friend was privileged” and he should therefore have refrained from any operation, assured the representative.

Then, shortly before the 2019 half-year results, Yohann Catherine also informed Remi Guillet that the company’s EBITDA would fall. On July 22, the two “friends” called each other after a meeting – the defense, however, disputes his presence at the meeting. The next morning, Mr. Guillet had sold all of his 17,000 Maisons du monde titles except for one.

Thanks to this information, Remi Guillet achieved “purchase savings” of around 5,000 euros in May, and between 28,000 euros and 50,000 euros in “sales savings” in July, depending on the opening or closing price, for the AMF.

The two defendants also challenged the procedure on three grounds, for illegally obtaining evidence for connection data (“fadettes”), invasion of privacy and right to a fair trial.

(With AFP)