Will The Thyssen Family Be Looking For A New HQ?
|Four or five years ago, a member of the Thyssen family told me his brother Georg was selling off their manufacturing companies and concentrating on investment services. Apparently, he had already been getting a regular 10% return on family money when the best anyone else was getting was 5 or 6%.
Well, it appears Georg was probably getting as much as 15 or 16% and taking the margin as profit. It was obviously good business. So good that he managed to sell the deal to others. So far, so good. But then the source of his miraculous return ceased to be so miraculous, as Bernie Madoff’s dark little secret became very, very public.
Quite rapidly those who had used the services of the Thyssen-Bornemisza company ‘Thybo Advisory’ realised that the chances of getting their money back from Bernie were non-existent, especially when he was awarded a 150-year jail sentence, so they (US-Trustee Irving Picard and the Belgian Investor Representative Deminor) decided to take Thybo Advisory to court. Judging by the fact that Thybo’s secretive Monaco offices were recently the subject of a police raid, one has to assume there may have been a certain lack of transparency somewhere down the line.
This is obviously bad news for the Thyssens, and all those who invested in Thybo. It appears that the amount lost may have been a great deal more than originally thought. The Monegasque authorities are also particularly allergic to these kind of goings on and may soon be asking the family to relocate. Perhaps the Thyssens will join many others in learning that the reluctance to pay tax and the desire to make a profit without working inevitably ends in tears.