Don't miss

Replay


LATEST SHOWS

THE OBSERVERS

A Lebanese prison 'run by Islamists', and children tear-gassed in Kenya

Read more

FOCUS

Pegida, the movement dividing Germany

Read more

ENCORE!

Film Show: 'The Imitation Game', 'Phoenix' and the French Oscars

Read more

#TECH 24

'The Imitation Game': A Tribute to Alan Turing, the Father of Computers

Read more

FACE-OFF

Greek elections: A domino effect in France?

Read more

BUSINESS DAILY

Apple breaks profit record as new iPhone bears fruit

Read more

IN THE PAPERS

'There have never been so many jobseekers in France'

Read more

WEB NEWS

Japan: Online campaign to free journalist held by IS group

Read more

MIDDLE EAST MATTERS

Who is Sajida al-Rishawi, the Iraqi woman IS group wants released?

Read more

France

French tycoon indicted in case linked to IMF chief

© AFP

Video by Stephen CARROLL

Text by NEWS WIRES

Latest update : 2013-06-28

Prominent French businessman Bernard Tapie was indicted for fraud on Friday as part of a judicial investigation into possible corruption over a multi-million euro government payout he received in 2008.

French tycoon Bernard Tapie was charged Friday in a corruption probe over a huge state payout to him that has embroiled IMF chief Christine Lagarde, his lawyer said.

Tapie, who had been in custody since Monday, was charged with fraud as part of an organised gang in connection with a 400-million-euro ($525 million) state payout he received in 2008 when Lagarde was France's finance minister.

"There is nothing in the case to show the decision on the payout was the result of fraud," Tapie's lawyer Herve Temine said.

The cash payout to Tapie related to a dispute between the businessman and partly state-owned bank Credit Lyonnais over his 1993 sale of sportswear group Adidas.

Tapie claimed that Credit Lyonnais had defrauded him by intentionally undervaluing Adidas at the time of the sale and that the state, as the bank's principal shareholder, should compensate him.

Lagarde was responsible for referring the issue to a three-man arbitration panel, which ruled in Tapie's favour.

Three people have been charged over the scandal since May, including Stephane Richard, the head of telecommunications giant Orange.

(AFP)

Date created : 2013-06-28

  • FRANCE

    French tycoon questioned in case linked to IMF chief

    Read more

  • FRANCE

    French baffled by IMF chief’s bizarre letter to Sarkozy

    Read more

  • FRANCE

    Orange CEO’s job in question as Lagarde’s image takes hit

    Read more

COMMENT(S)