Don't miss

Replay


LATEST SHOWS

BUSINESS DAILY

FCC votes against net neutrality

Read more

THE POLITICAL BRIEF

One Planet Summit: How France's Macron became 'Mister Climate'

Read more

ENCORE!

Photographer Sebastião Salgado takes a seat in France's academy of fine arts

Read more

FOCUS

Video: Future of Irish border still a thorny Brexit issue

Read more

FRENCH CONNECTIONS

Corsica: Understanding France's complex relationship with its 'island of beauty'

Read more

PEOPLE & PROFIT

Ukraine's finance minister says anti-corruption court should satisfy IMF

Read more

THE INTERVIEW

Japanese FM against 'dialogue for the sake of dialogue' with Pyongyang

Read more

IN THE PAPERS

Turkey's push to be the 'champion of Palestine'

Read more

IN THE PAPERS

'The sky falls in on Froome'

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)