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Marche

marcheworld.in

Stage

Other Investors | Alive

About Marche

Marche is a shoe manufacturing company. It is based in Bangalore, India.

Headquarters Location

#20, Parshv Prem Apartment

Bangalore, 560004,

India

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Latest Marche News

Macron engulfed in criminal inquiry over claims of favours to McKinsey

Nov 26, 2022

Prosecutor opened probe into suspected favouritism and alleged illegal financing “I am not afraid of anything,” says Macron in connection to criminal inquiry. Advertisement London: Emmanuel Macron faces an explosive inquiry into allegations that an American consultancy won lucrative French government contracts after helping with his successful presidential election campaigns. A criminal investigation has been opened by France’s anti-corruption prosecutors into suspected favouritism and alleged illegal financing after claims that McKinsey & Company consultancy had enjoyed preferential treatment because of its close ties to Macron. French President Emmanuel Macron promised to clean up French politics. Credit:AP The allegations, first reported by newspaper Le Parisien, are damaging for Macron because he came to power in 2017 promising to clean up politics after the campaign of François Fillon, his main rival, was engulfed in allegations of corruption. The head of the National Financial Prosecution Service, Jean-François Bohnert, said on Friday that investigating judges had been appointed to look into allegations of favouritism and a non-compliant campaign. The prosecutors’ statement, which did not cite Macron or his party En Marche by name, said a judicial inquiry was opened on October 20 about alleged “inconsistent campaign accounts” and “reduction of accounting items” in relation to consulting companies operating during electoral campaigns of 2017 and 2022. The next day, another investigation was opened over alleged favouritism in relation to those campaigns, it said. Four police officers, from the right, leave the building hosting McKinsey & Company France on May 24, 2022 in Paris. Credit:AP “I am not afraid of anything,” Macron said at the weekend while visiting Dijon, in eastern France, adding that “many political attacks” have targeted McKinsey. “It’s normal that the justice system does its work. It does it freely and will shine a light on this issue … Some would like to politicise it,” he said. Macron said he did not believe that he was at “the heart of the investigation”. The 44-year-old French president, who won a second five-year term in April, has immunity from prosecution as long as he is in office but faces the prospect of being questioned by police and charged when he steps down in 2027. Advertisement McKinsey’s Paris offices were raided by police in May while the probe was still focused on whether the US consulting firm paid any French corporate taxes in the past decade despite earning millions of euros on government projects. The company, which has consistently denied any wrongdoing, has said it adheres to French tax laws and was surprised by the focus on the company, considering it earned just 1 per cent of all spending on consultancies by the country’s administrations. Loading The probe follows a lengthy controversy over Macron’s ties to the US consulting giant, dubbed “McKinseygate”, over the use of expensive and foreign firms that specialise in strategic advice and IT services. The MacronLeaks – internal emails from the En Marche campaign made public a few days before the first round of the 2017 presidential election – revealed that several senior McKinsey figures were involved in strategic meetings with the Macron team. The controversy deepened when Paris-based newspaper Le Monde reported that at least 10 of McKinsey’s consultants had worked on Macron’s 2017 manifesto. McKinsey is alleged to have helped him again when he won re-election this year. A report published by a French Senate committee in March showed that Macron’s government had paid private consultants €2.4 billion ($3.7 billion) for reports and advice since 2018. McKinsey did notably well, earning, for example, €957,674 to advise on a pension reform plan that was ultimately dropped, €496,800 to outline the “future of teaching” for the education ministry, €3.9 million to assess a housing benefit reform, and €12.33 million to help ministers during the pandemic. Macron at the time rejected allegations of illicit collusion with McKinsey when the scandal erupted during his re-election campaign. France has strict rules on campaign financing that place limits on what a candidate is allowed to use, with several French politicians convicted over the years for overspending or attempting to disguise campaign spending, including late former president Jacques Chirac.

Marche Frequently Asked Questions (FAQ)

  • Where is Marche's headquarters?

    Marche's headquarters is located at Bangalore.

  • What is Marche's latest funding round?

    Marche's latest funding round is Other Investors.

  • Who are the investors of Marche?

    Investors of Marche include NSRCEL Indian Institute of Management Bangalore.

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