You are currently viewing Yves Le Masne, the face behind the mistreatment of the elderly in Orpea

The French Justice investigates whether there was a crime in the sale of shares by the former director of Orpea before the outbreak of the nursing home abuse scandal. According to the French press, Le Masne would have earned 600,000 euros for selling his titles through inside information.

According to their Twitter and LinkedIn profiles, today Yves LeMasne he is still the CEO of Orpea. But the dismissal of him and his replacement by Philippe Charrier, the non-executive president of the company until two weeks ago, has only been the tip of the iceberg of the scandal.

Since last January 24, the price of the shares of the nursing home company has plummeted more than 50% to the area of ​​37 euros, and Some 2,940 million capitalization have evaporated in a bag. A sharp fall that BlackRock has taken advantage of to increase its positions in the company: it becomes the second largest shareholder with 5.3% of the share capital (previously it had 4.76%). The first shareholder is CPP Investments, the Canadian pension plan.

The trigger for the sudden dismissal of Le Masne was the publication in France of The Fossoyeurs (the gravediggers), an explosive investigation into the management of Orpea. Its author, Victor Castanet, describes in a book a “system that mistreats the elderly”, not just isolated cases, but a cost reduction policy where hygiene, medical care and even food are “rationed” to improve the profitability of the company.

During his investigation, an intermediary came to offer him €15 million so that he would stop his investigations and not reach the end, according to what he himself said on January 25 in the program Cà vous of French public television. The matter has forced the Elysee to react and the Macron government announced that it will investigate what happened.

But who is Yves Le Masne? As he describes himself on LinkedIn, he graduated as management information systems engineer, specializing in management control and finance. He obtained a postgraduate degree in finance and accounting and is a graduate of the Institute of Business Administration (IAE) in Paris – the business school of the Sorbonne – and the Higher School of Informatics.

His entire professional career has been linked to Orpea, where he joined in 1993 as management controller. Little by little, he was climbing positions “thanks to a total fidelity to the founder of the group, Jean-Claude Marian“, noted the journalist Nicolas Poincaré on the French radio station CMR on February 3. About Marian he also said that he “is often portrayed as obsessed with profit” and that he moved to Belgium “to pay less taxes”.

Returning to Le Masne, in 1998 he was appointed director of finance and administration at Orpea where, in his own words, “he was in charge of establishing a rigorous management control system within the group and working on the structuring of a powerful administrative headquarters, a true lever for growth and development of the group”. Le Masne had been part of the board of directors of the French company since 2006, and in March 2010 he was promoted to the rank of managing Director.

Although France is the market that contributes the most revenue to Orpea (38.9%, according to data collected by FactSet at the end of 2020), the company has 1,150 centers and operates in 26 countries, including France, Belgium, Italy and Switzerland , Brazil, Chile or Uruguay. Also in Spain, where it has 53 residences and day centersincluding the well-known López Ibor clinic in Madrid, which the French firm acquired in 2017.

On March 15, the French company will present the results for 2021, and it is expected to obtain a net profit of 241.9 million euros51% more than in 2020 and 3.4% more than in 2019, according to data from the consensus of analysts collected Bloomberg.

For many, Orpea had become an example of success in the care home sector for the elderly and dependents; but the accusations of continued mistreatment against those responsible have called into question this exemplary image.

However, it is not the only thing that Le Masne faces: would have sold most of its shares in Orpea in August last year, after being informed of the book that Castanet was writing, according to the satirical newspaper Le Canard enchainéand for the sale of those titles he would have earned almost 600,000 euros.

As a result of this, the Public Prosecutor’s Office national financial park has launched an investigation into Yves Le Masne for insider trading in connection with the sale of those shares. In a statement sent by his lawyer earlier this month, Le Masne denied the allegations.


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