Ethics and governance in the European Financial centers

Three lawyers and a reviseur d’entreprise (registered auditor) has recently created a new association for the promotion of transparency in Luxembourg.

1) Serge Marx, lawyer,

2) Marguerite Ries, lawyer

3) Stephen Nye, réviseur d'entreprise

4) Yann Baden, lawyer

I welcome the initiative but none of them have any expertise or background in the fight of corruption situations (a Google search with the name, the word corruption and .lu only finds the registration of the Association.)

The association was launched before the release of the fifth annual Progress Report on Enforcement of the OECD Convention prepared by Transparency International where there are no data for Luxembourg.

They aim to:

a) promote transparency and integrity in public life

b) inform on the phenomenon of corruption and means to reduce the phenomenon

c) collaborate with associations that have similar goals to achieve them

I will contact them

Bloomberg has reported that  UBS AG’s Luxembourg affiliate won a bid to overturn a ruling that had forced it to pay a unit of French money manager Oddo & Cie 30 million euros ($42 million) from a fund that had directly invested with Bernard Madoff.

By the way, what did state the ALFI before the EFAMA in January?

"The first Luxembourg court ruling concerning the Madoff-Luxalpha affair (the ruling on the ODDO case) has shown that the Luxembourg courts are ready to make rapid, firm decisions in favour of investors". ALFI added "even though the legal basis in this specific case does not apply to all investors (ODDO had asked to redeem its shares before the fraud was uncovered)."

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