LUXEMBOURG-Smart card solution provider Gemplus International S.A. and its indirect subsidiary Zenzus Holdings Ltd. said a decision has been made in their favor in an international arbitration proceeding seeking repayment of a loan made to Marc Lassus, former Gemplus chairman and co-founder.
The arbitration tribunal ordered Lassus to pay approximately $96.5 million, which includes the $85.8 million loan, interest of approximately $8.3 million, attorneys’ fees and the costs of the arbitration.
Zenzus provided the loan to Lassus in September 2000 to pay the subscription price of stock options granted by Gemplus. In January 2003, the companies brought arbitration proceedings seeking repayment of the loan. Lassus said the funds granted were a reward or gift.
