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Orange boss and tycoon Bernard Tapie sent to trial in France: Report

Orange boss and tycoon Bernard Tapie sent to trial in France: Report

At the heart of the complex affair are payments that Tapie, a larger-than-life figure in French business and politics, received in 2008 from the government over a dispute concerning the sale of sports company Adidas, once owned by Tapie.

Orange’s Richard was chief of staff to then finance minister Christine Lagarde at the time the award was granted. Lagarde is now head of the International Monetary Fund.

The source said Tapie and Richard faced charges of embezzlement and misuse of public funds.

Richard also denied the charges, a spokesman said.

He accused the bank of defrauding him after it resold its stake for a much higher price. With the case stuck in the courts, the two sides agreed to a private settlement and a 403 million euro payout to Tapie. Lagarde approved the settlement.

Those rulings had prompted Tapie, the flamboyant owner of a Parisian mansion and a large yacht, to say recently that he was “utterly ruined”.

 

<p style="\&quot;text-align:" justify;\"="">IMF chief Lagarde escaped punishment in the same affair and kept her job, despite being convicted of negligence regarding the payout.

Source: Financial Express

10 months ago

By HR Reporters


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