Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

Air Algerie investigation continues

Read more

AFRICA NEWS

Dozens of youths trampled to death on Conakry beach

Read more

AFRICA NEWS

Ebola death toll tops 700

Read more

MEDIAWATCH

UNRWA official breaks down over Gaza deaths

Read more

DEBATE

Argentina Defaults - Kirchner Cries Foul Over 'Vulture Funds' (part 2)

Read more

DEBATE

Argentina Defaults - Kirchner Cries Foul Over 'Vulture Funds'

Read more

MEDIAWATCH

Renault's women drivers ad deemed sexist

Read more

FOCUS

Constitution prohibits Aung San Suu Kyi to run for president

Read more

THE BUSINESS INTERVIEW

War and Markets, with Steen Jakobsen, Chief Economist at Saxo Bank

Read more

  • French Jews speak of growing fear in Paris amid Gaza conflict

    Read more

  • Interactive: France’s new plan to counter jihadism in Africa

    Read more

  • US condemns school shelling as Israel calls up 16,000 more reservists

    Read more

  • Video: Inside Hamas ‘terror’ tunnels in Gaza

    Read more

  • France remembers murdered socialist hero Jean Jaurès

    Read more

  • Sierra Leone declares state of emergency over spread of Ebola

    Read more

  • Investigators reach MH17 site amid 24-hour ceasefire

    Read more

  • Air France ground workers to strike on August 2

    Read more

  • Scores feared dead in India landslide

    Read more

  • Russia ordered to pay further €1.9 billion to Yukos shareholders

    Read more

  • Iraq's Christians: Nowhere to Run?

    Read more

  • Russia defiant as US, EU unveil 'phase three' sanctions

    Read more

  • US House votes to sue Obama for over-reaching his powers

    Read more

  • Argentina fails to reach deal with creditors

    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)