World · Europe · 1 hr ago

24 Crans-Montana claimants seek partial outside administration

24 Crans-Montana claimants seek partial outside administration

Twenty-four claimants want outside control of parts of Crans-Montana after a deadly fire at the Le Constellation bar.

Their lawyer has asked the Valais government to investigate the municipality’s finances and appoint independent commissioners to handle the financial and legal response.

The total compensation claims could reach 780 million to one billion Swiss francs, though the municipality’s share has not been decided.

The lawyer estimates Crans-Montana could face claims ranging from 95 million to 387.5 million francs in different scenarios.

The municipality plans to set aside five million francs a year, but a financial expert says a 200-million-franc burden could force tax rises, property sales and deep cuts to investment.

The Valais government says it does not guarantee the municipality’s debts, though it may consider ways to help.

Whether it will order outside administration remains undecided.

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What people are saying

Sandro FuchsFinance expert at ZHAW
Bei 200 Millionen wären laut Fuchs bereits einschneidende Massnahmen wie Steuererhöhungen, Immobilienverkäufe und stark reduzierte Investitionen nötig.
via Watson