Alexandre Rodriguez resigns as Rodriguez Group chairman

Alexandre Rodriguez has resigned as chairman of the Rodriguez Group. Gerard Rodriguez, who founded the French company, has been named as its chairman.

The company said in a statement that “given the current circumstances, the protection of the Group’s interests and of its shareholders must remain an absolute priority.”

Rodriguez was arrested last week by French police in Marseille. Police sources said Rodriguez is under judicial investigation. Reuters reported that Rodriguez was held for questioning after a dragnet netted 21 individuals for suspicion of money laundering and trafficking in slot machines.The company said that ongoing judicial procedures are “directed towards Mr. Alexandre Rodriguez personally only and does not concern Rodriguez Group’s activities.”

The appointment of Gerard Rodriguez, said the group, “provides the partners and clients of Rodriguez Group a strong signal showing its willingness to ensure the business continuity under normal conditions.”

“I have personally dedicated my entire life to the Group and my energy remains the same, despite the circumstances, to hold the Charimanship while waiting for a long-term solution,” said Gerard Rodriguez in the statement.

The Rodriguez Group began trading its stock again in April, after a year of debt restructuring talks with banks. It had been in a “safeguard procedure” that allowed it to seek protection from creditors.

The Group said its net loss for the first half of its current fiscal year ended March 31, 2010 narrowed to €11.4m on consolidated sales of €21.8m. That compares to a loss of €63.9m on sales of €49.4m for the same period a year earlier. The Group reported a net loss of €121.6m for its 2008/2009 fiscal year ended September 30, 2009 on sales of €109.6m.

The spring 2010 season is the start of a “market stabilization,” according to the company. “The Group intends to build on such favorable conditions to implement its goal to generate cash and redevelop its business dynamic,” said the statement.

Source : Ibinews

Category: Brokerage News, Industry