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Recently renovated La Suisse paddleboat, Ouchy-Lausanne

Lausanne, Switzerland (GenevaLunch) – The CGN (Compagnie Générale de Navigation) has fully subscribed the additional capital it wanted to raise, CHF2 million, to ensure the renovation of one of its Belle Epoque boats, the Simplon. The money allows it to also set aside a provision for work on another paddleboat, the Italie.

The group is 80 percent owned by 10,000 small investors, with 40 communes who use its services making up the difference. Cantons Geneva, Valais and Vaud provide loans for major renovations of the fleet and they contribute an annual fee for the services CGN provides.

The company was recently attacked by some Swiss media over its accounts, and it took pains in its press release 7 December  to point out that the additional funds raised are essentially heritage-protection funds, designed to keep the fleet of aging boats in good shape. The money in no way replaces contributions from the cantons, CGN says. It has raised a larger amount of capital each year for the past seven, from CHF11 million in 2002 to CHF36 m in 2009.