Archive – Banking & Fintech

Kuoni holds AGM amid bitter boardroom bickering

This content was published on May 15, 2001 The battle for control broke out when five of the eight company board members demanded the resignation of Daniel Affolter. They accuse him of awarding himself payments of millions of francs from the Kuoni and Hugentobler foundation, which holds 25 per cent of the company’s voting rights. The board is also filing criminal charges against…

Boardroom battle sees Kuoni shares dip

This content was published on May 14, 2001 Shares in the company lost SFr44 ($23) to trade at SFr701 at the close of business, down from a year-high of SFr795 reached in March. The battle for control of the company broke out just over a week ago when five of the eight board members demanded the resignation of the chairman, Daniel Affolter. They…

Countdown begins to next year’s national exhibition

This content was published on May 14, 2001 Television advertising spots, brochures and a touring information centre are strategies being used to increase public interest in the one-off event, which has been beset by problems since its conception. Launching the media campaign in Neuchatel, Expo director Nelly Wenger said she hoped the publicity drive would mark a turnaround in the exhibition’s fortunes. She…

Switzerland calls for tougher action on global poverty

This content was published on May 14, 2001 The week-long conference, which ends on Sunday, is focusing on ways to relieve the burden of debt in the 45 poorest nations in the world. Topics slated for discussion include ways of reducing and managing debts and the possibility of opening up the markets of industrialised nations to more developing countries. Switzerland, represented at the…

Kuoni set to dominate headlines

This content was published on May 11, 2001 The Kuoni AGM on Tuesday at Zurich’s Kongresshaus is expected to be heated, with reports saying supporters of the suspended chairman, Daniel Affolter, are likely to be vociferous in their protest at moves to oust him. A power struggle within Kuoni started just over a week ago after five of the seven members of the…

Traditional families lose grip on enterprises they created

This content was published on May 11, 2001 Salina Amorini, the great-grand daughter of the company’s founder, accepted her defeat at the company’s annual general meeting on Thursday, after shareholders voted a massive majority to oust her in a secret ballot. “I accept the decision, but there will be no farewell party,” she said at the meeting in Geneva. However, on Friday her…

Former chairman Salina Amorini kicked off SGS board

This content was published on May 11, 2001 Shareholders of the world’s leading inspection and testing company voted by a massive majority in a secret ballot to oust Salina Amorini, following two years of bitter boardroom in-fighting. Salina Amorini, who had served on the multinational’s board for 19 years, was forced to step down as chief executive after SGS posted poor financial results…

Kuoni boss faces uphill struggle to keep job

This content was published on May 11, 2001 On Friday, a supervisory body in canton Zurich warned that their voting rights at next Tuesday’s crucial annual shareholders’ meeting would be limited. In a separate development, Affolter said that he was stepping down as chairman of the foundation and that his wife was also quitting. The foundation, which has 25 per cent of voting…

UN seeks probe into Swiss firm over Iraqi oil deal

This content was published on May 11, 2001 Glencore was owned by the controversial financier Marc Rich, who fled to Switzerland in 1984 to escape a US prison term for tax evasion. He was pardoned by the former US president, Bill Clinton, at the beginning of the year. Rich sold Glencore along with other parts of his holdings to a Russian consortium, Crown…

More funds for Mystery Park

This content was published on May 11, 2001 The company said in a statement on Thursday that the allocation of 541,000 new shares at SFr22 each meant that over 50 per cent of the building costs of the theme park, due to open next year, were now covered. The group is preparing for an official listing on the Swiss Stock Exchange in the…

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