Accueil > About G.N.D.P.T.A.


Groupement National de Défense des Porteurs de Titres Anciens (G.N.D.P.T.A.) is an association formed in June 17th 1993 and incorporated under French law.

G.N.D.P.T.A.'s head office is at : Porte M - 944, rue de Buqueux - 62220 CARVIN - France and its offices are at 47, rue des Millionaires - 62220 CARVIN, France.

To comply with transparency and governance duties to its members G.N.D.P.T.A. has since the year 2000 subjected its accounts to the audit of professional accounting bureau IN EXTENSO, although it is under no legal obligation to do so.

Since its inception G.N.D.P.T.A. has fought to obtain repayment of government bonds issued by the Chinese government between 1889 and 1949, by the former Ottoman Empire which today remain full faith and credit obligations of Turkey and of those countries which succeeded to the Empire (Bulgaria, Yemen, Greece, Saudi Arabia, the Levantine States,...).

G.N.D.P.T.A. employs high level staff and owns first class archives.

G.N.D.P.T.A. also testified before the French "Commission du suivi du mémorandum du 26 novembre 1996 entre la France et la Russie" which dealt with the matter of unpaid Russian sovereign bonds. On this matter G.N.D.P.T.A. has recently cooperated with Association Fédérative Internationale des Porteurs d'Emprunts Russes (A.F.I.P.E.R.) and Groupement des Porteurs de Titres Russes (G.P.T.R.) through correspondence addressed to Mr. Nicolas SARKOZY, President of the French Republic.

After two decades of hard work G.N.D.P.T.A. is proud to present the result of its work to prevent these matters from disappearing in the mist of the collective amnesia sought by our French authorities.

These financial disputes unfortunately remain fully actual today.

It must be said that unpaid Chinese sovereign bonds remain listed on the Paris stock Exchange today, as are the Greek 1910 and 1914 sovereign bonds. G.N.DP.T.A. actively seeks repayment of the former and actively collaborates with Association de Recouvrement des Créances Souveraines non Remboursées de l'Etat Grec (A.R.C.S.E.G) for repayment of the latter, while bringing attention to the failure of these defaulted States to remain true to their word.

G.N.D.P.T.A. also works with many French and foreign groups such as A.F.I.P.E.R., Groupement Européen des Porteurs de Titres Non Remboursés (G.EP.T.A.N.R), G.P.T.R., La Voix des Emprunts Russes (L.V.E.R.), Scripta Russiae Manent (S.R.M.), Collectif des Porteurs d'Emprunts Chinois du Bénélux, Collectif des Porteurs d'Emprunst Russes et Chinois de la Principauté d'Andorre, Union des Français de Chine (U.F.C.), Ligue Nationale des Sinistrés de Russie (L.N.S.R.).

Lastly, G.N.D.P.T.A. works with and actively supports the Credit Rating Agency Observatory (C.R.A.O.).

G.N.D.P.T.A.'s approach is to underline the dominant (DOMINUS) role of the French state and its active implication at the time these bonds were issued and will be seeking full settlement on these debts on the basis of their gold value, i.e. 25 gold Napoleon coins of 20 francs for every 500 gold francs par value bond, plus contractual interest also payable in gold.

GNDPTA and China

From 1900 to 1925 China issued sovereign bonds on the Paris exchange to the tune of 400 million gold francs. These bonds partially, but not only, addressed China's request to develop its railroads, encouraged by foreign powers (Germany, Great Britain, France, Russia and, after the Great War, the United States and Japan) who were seeking to implicate themselves politically for territorial reasons and also in order to control the administrative integrity of China. After the instauration of a Nationalist government in 1927, China became more wary of foreign powers and less keen to access international funds.

Payments in full and on time are not universal and depend on the issues, however they cease completely from 1937 to 1939, when war breaks out between China and Japan. The instauration of a new regime in 1949 does not improve matters for bondholders despite many declarations of good will from China.

The recognition of the People's Republic of China by the French government on January 27th 1964 provides the National Association with the opportunity to remind the French government of the importance of French holdings of China's foreign debt.

Mainland China's refusal to consider paying its foreign debt brought the National Association to repeat its calls to the French government for the opening of a round of negotiations on the matter with the Chinese government.

These full faith and credit obligations of the Chinese State are held mostly by private individuals who may own more than 1.5 million bonds in Chinese debt the redemption of which would pay for 100 Airbus 350 aircraft or approximately 14 billion euros.

GNDPTA calls upon Chinese authorities to fully redeem its outstanding defaulted sovereign debt on the contractual basis of its gold value, as per current and past applicable international rules.

GNDPTA also contributes to forewarn those investors considering investments in China which is depicted as a financial bonanza with an internal market of 1.3 billion consumers. The dispute between France and China on pre-1949 sovereign bonds is symptomatic of the relations between our two countries over the past 50 years and more.

GNDPTA and the former Ottoman Empire

A similar situation exists with those countries which succeeded to the dislocation of the former Ottoman Empire (Turkey, Yemen, Saudi Arabia, Greece, Bulgaria,...) who have not always paid their quota as per the terms of the international agreement of the Council for the Refund of the Public Debt of the Former Ottoman Empire which came about under the auspices of France and Great Britain in 1933.

The dominant (DOMINUS) role of France in this spoliation, will also be underlined in our legal action as with all other unsettled disputes, as per Article 2 of GNDPTA's terms of association.


Groupement National de Défense des Porteurs de Titres Anciens

47, rue des Millionnaires - 62220 Carvin