Open

Coming up

Don't miss

Replay


LATEST SHOWS

IN THE PAPERS

Shifts in the propaganda war waged between Israelis and Palestinians

Read more

IN THE PAPERS

French MPs face quandary in pro-Palestinian rallies

Read more

THE INTERVIEW

Yezid Sayigh, Senior Associate at the Carnegie Middle East Center in Beirut

Read more

#TECH 24

Mind the Gender Gap : getting more women into the tech sector

Read more

INSIDE THE AMERICAS

Bolivian children: heading to work aged 10

Read more

WEB NEWS

Israel and Hamas battle online over public opinion

Read more

FOCUS

Can Chancellor Merkel's winning streak last?

Read more

FOCUS

Hunger in a fertile land...

Read more

DEBATE

Nigeria: One Hundred Days and Counting (part 2)

Read more

  • Live: Algerian jet with 116 on board 'crashes' in northern Mali

    Read more

  • ‘Many’ French passengers on board missing Algerian plane

    Read more

  • Iraqi parliament elects moderate Kurd as president

    Read more

  • Sudanese Christian woman sentenced to death arrives in Italy

    Read more

  • No end to fighting until Israel ends Gaza blockade, Hamas says

    Read more

  • Two foreign women shot dead in western Afghanistan

    Read more

  • At least 60 killed in attack on prison convoy near Baghdad

    Read more

  • Cycling is ‘winning the war on doping,’ says expert

    Read more

  • Ceasefire agreed for Central African Republic

    Read more

  • Can Jew-kissing-Arab selfie give peace a viral chance?

    Read more

  • In pictures: Thousands march for Gaza peace in Paris

    Read more

  • France charges Swiss bank UBS with tax fraud

    Read more

  • Israel faces heightened diplomatic pressure as Gaza violence rages

    Read more

  • Botched Arizona execution takes nearly two hours

    Read more

  • Bomb attacks leave scores dead in north Nigeria

    Read more

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

COMMENT(S)