Don't miss

Replay


LATEST SHOWS

THE DEBATE

Trump at NATO: What future for the Atlantic Alliance? (part 2)

Read more

THE DEBATE

Trump at NATO: What future for the Atlantic Alliance? (part 1)

Read more

FOCUS

Life after IS group: Young Iraqis learn to live together in Kirkuk

Read more

ENCORE!

Cannes 2017: Robert Pattinson stars in Safdie brothers heist 'Good Time'

Read more

THE INTERVIEW

Trump on 'learning curve' but poll numbers 'will go up'

Read more

INSIDE THE AMERICAS

Is Venezuela on the verge of anarchy?

Read more

IN THE PAPERS

Donald Trump meets Emmanuel Macron: Can they get on?

Read more

IN THE PAPERS

Manchester bomber 'fits profile of other terrorists'

Read more

BUSINESS DAILY

OPEC looks set to extend production cut

Read more

Europe

Notorious tycoon Tapie ordered to pay back over €400mn to French state

© AFP archives

Text by FRANCE 24

Latest update : 2017-05-18

Infamous French business mogul Bernard Tapie on Thursday was ordered to return a €404 million state pay-out he was awarded back in 2008 over the disputed sale of the Adidas sportswear brand.

France’s highest court of appeals upheld a 2015 ruling that Tapie and his wife repay the eye-watering sum, with no further legal recourse left for the flamboyant tycoon and one-time politician.

Almost one decade ago, an arbitration panel ordered the multi-million euro pay-out to Tapie. Back in 2008, the panel upheld Tapie's claim that the Crédit Lyonnais bank 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.

In late June 2013 Tapie was placed under formal investigation for committing fraud in the affair. That same year, a French court ordered the seizure of Tapie's assets worth tens of millions of euros, including a luxury villa on the French Mediterranean coast.

IMF chief Christine Lagarde has also come under scrutiny in the case, with a French court last year convicting her of “negligence” for her role in the generous financial award while she was France’s finance minister.

(FRANCE 24 with REUTERS)

Date created : 2017-05-18

  • FRANCE

    IMF's Lagarde guilty of 'negligence' but avoids sentence over 2008 payout

    Read more

  • FRANCE

    French magnate loses billion-dollar battle against state

    Read more

  • FRANCE

    French tycoon Tapie demands €1 billion in damages over Adidas sale

    Read more

COMMENT(S)