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French tycoon on trial over $450 million arbitration deal – Information by Automobilnews.eu

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French tycoon on trial over $450 million arbitration deal


ERARD JULIEN | AFP | Getty Photographs

A photograph taken on Might 26, 2013 reveals former president of the Olympique de Marseille Bernard Tapie attending the festivities marking the anniversary of Olympique de Marseille soccer membership’s 1993 UEFA Champions League title on the Velodrome stadium in Marseille, southeastern France.

French tycoon Bernard Tapie is going through a felony trial over a fraudulent 404 million-euro ($450 million in the present day) arbitration package deal linked to his sale of sportswear firm Adidas within the 1990s.

Civil courts have already dominated the unusually beneficiant 2008 award was the results of fraud and ordered Tapie to refund the cash. Tapie and 5 others are in court docket in Paris beginning Monday in a trial that may decide whether or not in addition they face felony penalties.

Tapie informed French media he would droop his remedy for abdomen most cancers to combat the accusations.

The payout to Tapie got here from state funds, prompting public indignation and questions as as to whether he benefited from political connections, together with with then-President Nicolas Sarkozy.

Tapie is a former TV star who as soon as owned the Marseille soccer group.

French tycoon on trial over $450 million arbitration deal – Information by Automobilnews.eu
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