Merrill Lynch put up for auction

The Monaco civil court demanded the sale by auction of the Monacan agency Merrill Lynch business, settled in the Principality since 1980. The agency was at the heart of several disputes for some years. A Greek businessman, Dimitri Mefalopoulos, is asking 10 million francs for sums that might have been invested without his knowledge by a financial adviser of the bank. In Paris two Italian businessmen have them lodged a complaint against the bank for the illegal practice of banking and illegal practice in the Monaco Stock-Exchange. After having seized the lease, the equipment and the clientele, the judicial sale will take place on September 29th . Upset price: 2 million francs.