News

Costil to go into Chapter 11

31/10/2002

Calabrese is now behind bars having reportedly sold Darius Favre, a small skin tannery at Graulhet in the South West of France at an inflated price through a series of shell companies.  Calabrese bought the tannery for Eur1 million in 2000 when Darius Favre (a small 12-man set-up) was in liquidation. He then subsequently sold it to Costil-UNT for three times the price.  Costil was already struggling having suffered serious flooding and the aftermath of foot and mouth that saw prices rise by up by 30% for cattle hides and 50% for calf hides. The tannery worked at a loss for several months and the employees were put on short time.

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