97 million euros plus salaries and bonuses

Summary: While enjoying diplomatic immunity the thug from CEIPI (who is back at the EPO as a jurist) passed millions if not billions (over the long run) in liabilities; this was done with total and inexcusable impunity, no effective oversight

MANY RECENT scandals suggest that the former President of the European Patent Office (EPO) belongs behind bars. We often wonder quite genuinely, why is this man not in prison with Benalla and instead on top of a law school (CEIPI)? It's a slap across the face to the very occupation. Remember what we wrote a year ago about toxic loans? Here's a reminder and index:

• Saint-Germain's Poisonous Legacy of "Toxic Loans": Cautionary Tale for the EPO?
• Saint-Germain's Poisonous Legacy of "Toxic Loans": The Emperor’s New Investment Guidelines
• Saint-Germain's Poisonous Legacy of "Toxic Loans": The Cautionary Tale of SIDRU and Its “Toxic Loans”
• Saint-Germain's Poisonous Legacy of "Toxic Loans": The SIDRU “Toxic Loan” Débâcle and Criticism of Lamy From Local Opposition Groups
• Saint-Germain's Poisonous Legacy of "Toxic Loans": The SIDRU “Toxic Loan” Débâcle a Case of “Take the Money and Run...”
• Saint-Germain's Poisonous Legacy of "Toxic Loans": Quo Vadis EPO?
• Index for EPO and Saint-Germain's Poisonous Legacy of "Toxic Loans" Series
• Märpel Looks at Benoît Battistelli's Toxic Financial Affairs at the EPO

As we pointed out only days ago, more money is being wasted by the hundreds of millions with little or no oversight and only a couple of months ago we found out about Battistelli trashing 223 millions (of stakeholders’ euros) on a system that destroyed the Office and helped fake 'production' by promoting illegal software patents in Europe while ruining examiners' life (and job).

"It doesn't take a genius to figure out where this money came from and who it is cushioning."It was only days ago that we recalled Battistelli siphoning millions, sending them to his colleagues at his own theatre in Paris. What level of criminality will be necessary to hold criminals accountable when their crimes are committed under diplomatic immunity?

The following new post from an EPO insider (published this morning) spoke of an apparent coverup by Team António Campinos (a former banker from a notoriously corrupt Portuguese bank). Under "Zero-sum game" it says:

A few days ago, the financial status report was published. Within that report, the following gem was found:

In 2018 the Office transferred its legacy bonds portfolio to the EPO Treasury Investment Fund (EPOTIF) which holds the funds in line with the Strategic Asset Allocation approved by the BFC. As at the end of 2018 the total value of EPOTIF units was € 2 460m, which includes a revaluation loss for the year of € 97m.

Just after two days that sentence was redacted, it now reads:

In 2018 the Office transferred its legacy bonds portfolio to the EPO Treasury Investment Fund (EPOTIF) which holds the funds in line with the Strategic Asset Allocation approved by the BFC. As at the end of 2018 the total value of EPOTIF units was € 2 460m.

Märpel is confident that the readers will spot the difference. Hint: it involves 97 millions Euros.

That amount of money was lost between mai and December 2018. Or, more precisely, it was lost for the EPO. Short term speculation is usually a zero-sum game: when somebody loses, somebody else wins. Why do you think that President Battistelli absolutely had to get EPOTIF approved just one month before he left the Office?

It doesn't take a genius to figure out where this money came from and who it is cushioning. See the series about the toxic loans in Paris and who systematically profited at taxpayers' expense. This is truly criminal. Crime is like a sport to these people. ⬆