Shortly before the new year, Signa Development, the second most important subsidiary in Rene Benco's paper house builder empire, ran out of money. Like others before her, she applied for protection from creditors.
According to a report in the Austrian newspaper, Signa Development shareholders appeared “standard” A previously largely overlooked financial investor based at Lutry VD.
He's called Longbow Finance and he lives in a small glass palace right on Lake Geneva.
The name of the leader of Longbow Financial is interesting: Raymond Bär.
He is the former head of Julius Baer, which in turn has $600 million owed with Rene Pincus Cigna.
Most of the money will likely be lost. Pinko's dream villa in his home country has just been announced Confiscated by the state He was.
The longbow – meaning arrowbow in English – belonged to the Swedish Rausing family, which became very wealthy thanks to the Tetra Pak milk company and other things.
Forbes estimated The value of the “clan’s” assets reached $12 billion in 2019.
“As VRP at Longbow Finance, I have no influence over individual investments,” Raymond Barr wrote in an email last week.
“When carrying out my duties, confidential information is not exchanged.”
So far there have only been headlines in Switzerland related to Rausings' investment vehicle.
This happened when Longbow Finance acquired the Swiss Formula 1 racing team Sauber. That was almost 8 years ago.
Meanwhile, the involvement with Sauber Holding was transferred to another company in the Rausings empire.
There was a scandal with the Longbow Finance representative on the Sauber board of directors. He resigned two years ago Begging.
Raymond Barr and Bank Barr have been one heart and soul for a long time. Even after officially stepping down as chairman in 2012, Barr remained connected to the bank that bears his name.
Not only was he allowed to hold the title of honorary president, but he also remained in charge of the financial institution's pension fund. According to the commercial registry, it remains so today.
Other assignments include a seat on the board of directors at Amag, the general importer of Audi and other Volkswagen brands, and a seat at Crypto Finance in Zurich.
Raymond Barr also holds its honorary presidency to this day. That's why he collected nearly 70,000 francs in 2022, compared to 13,000 francs the previous year.
According to the bank's annual report, the payment was made “through a third-party agreement for its activities on behalf of Julius Baer.”
The pay is interesting.
After stepping down as chairman of the board in 2012, Raymond Barr received a “basic salary” of 250,000 francs a year to help him with the US tax dispute. This was gradually reduced.
In 2015, the board of directors stopped paying fees completely, and after that, according to annual reports, the honorary president of the bank received nothing.
Until 2020, and since then, he has made his money again – now through the aforementioned “third party agreement.”
In the three years from 2020 to 2022 – that is, the second phase of the compensation model after the active period – Raymond Barr received approximately 150 thousand francs from his former bank.
Exactly why is still not clear. “The Chairman Emeritus has no active position on the Board of Directors,” the annual report says.
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