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French tycoon Bernard Tapie charged with fraud


France

French tycoon Bernard Tapie charged with fraud

French businessman Bernard Tapie has been charged with fraud over a 403 million euro payout he received from the state in 2008.

Tapie, who denies the charge, has been involved in a long-running dispute with Credit Lyonnais over his sale of the Adidas sportwear group – arguing that the bank undervalued the firm when it was sold in 1993.

IMF Chief Christine Lagarde referred the dispute to an arbitration panel when she was French Finance Minister in 2007.

The panel ruled in Tapie’s favour, but Credit Lyonnais was bankrupt by then. Tapie received the payment from the state the following year.

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