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France

L'Oreal billionaire heiress pledges to declare all assets after tax-dodge scandal

Video by Yuka ROYER , Shona BHATTACHARYYA

Text by News Wires

Latest update : 2010-07-01

L'Oreal heiress Liliane Bettencourt, France's richest woman, said she would comply with the law and declare her assets, after being caught on tape allegedly plotting tax evasion while making donations to the governing UMP party.

AFP - France's richest woman, L'Oreal heiress Liliane Bettencourt, pledged to declare all of her foreign assets on Monday to comply with French laws after she was caught on tape allegedly plotting tax evasion.
  
"I have decided to declare all of my family assets that are currently abroad in cooperation with the French tax authorities," the shampoo and cosmetics billionaire said in a statement.
  
The 87-year-old has been caught up in a storm since last week when secretly recorded tapes revealed that she had allegedly conspired to hide money in Swiss bank accounts while making donations to friends in the governing UMP party.
  
Bettencourt ranks 17th on the Forbes list of the world's billionaires, with a fortune estimated at 20 billion dollars (16 billion euros).
  
The makeup heiress said funds from an old Swiss bank account and an insurance policy purchased for one of her grandsons would be declared to tax authorities among other sources of revenue.
  
Transcripts of tapes published on the Mediapart website suggest Bettencourt funnelled 80 million euros in Swiss bank accounts and planned to move the funds to Singapore after France signed a tax cooperation deal with Switzerland.
  
Bettencourt's butler secretly recorded the conversations between the billionaire and her financial adviser in her villa in the posh Paris suburb of Neuilly-sur-Seine between May 2009 and May 2010.
  
The scandal over the butler's tapes has threatened to engulf a high-profile minister in President Nicolas Sarkozy's government whose wife helped manage Bettencourt's financial affairs.
  
Labour Minister Eric Woerth announced on Monday that his wife Florence will resign from the firm managing Bettencourt's affairs "in the coming days" and strongly denied any conflict of interest.
  
Woerth, who is leading the government's delicate pension reform, is facing mounting calls from the opposition to resign over the scandal.
 

Date created : 2010-06-21

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