French Investors Face 40-60% Losses in Liquidated Andorran Fund, Appeal to Macron

Hundreds of French investors, primarily from Toulouse and Occitanie, face losses of 40-60% on life savings placed in a high-yield fund managed by the now-liquidated Andorran insurer Assegurances Generals (AGA). The victims' group, Groupement de Défense des Créanciers d’AGA, plans to appeal directly to French President Emmanuel Macron, in his role as Andorra's co-prince, for intervention to secure transparency, an independent audit, and potential recovery of funds.

The €13 million fund drew more than 500 investors, mostly French, with assurances of a 3.5% guaranteed annual return plus bonuses. Stakes averaged €100,000, often lifetime savings or retirement plans. "I invested my mother's entire life savings, around €300,000, with complete trust," said Guy, a retired Toulouse resident. Another victim, Marie from Montauban, described feeling dismissed amid a lack of clear explanations.

Andorran courts ruled AGA bankrupt on 26 December 2019, without a prior declaration of payment suspension, triggering a swift liquidation over two or three months. After over five years without updates from judicial or financial authorities, a March creditor assembly notified about 400 holders of life insurance policies—deemed "privileged" among nearly 900 recognized creditors—of the expected shortfalls.

The group alleges the Calvo-Boronat family, AGA's shareholders and managers, mixed personal and company assets into Andorran real estate projects. While family holdings are estimated near €200 million, the official liquidation report valued consolidated assets at €49.5 million against debts exceeding €80 million, creating a deficit over €30 million. An independent Grant Thornton assessment provided conflicting valuations, particularly on real estate, fueling suspicions of undervaluation favoring local interests over small French and Spanish investors.

Toulouse broker Gérard Fiorenzo, who lost €150,000 and marketed the product, highlighted the lack of early warnings from what he called a "historic and trusted" operator, along with the rushed process. Formed by around 30 Occitanie victims, the group contacted the Andorran civil court judge last November, petitioned the European Parliament, wrote to the Batllia, and is now organizing an open assembly for additional affected parties. They are also exploring joint actions with French and Spanish consumer groups and potential legal steps in France against brokers who promoted the fund.

The collective describes the liquidation as opaque and unjustified, leaving many creditors unable to recover even partial investments, and hopes Macron's involvement will prompt government accountability.