Thursday, 18 May 2017

Bernard Tapie loses final appeal in 404m-euro Adidas case

French businessman Bernard Tapie must repay €404m ($449m; £345m) that he was awarded in 2008 for the disputed sale of a firm, an appeals court has ruled.

Then French finance minister Christine Lagarde - now head of the International Monetary Fund - was found guilty of negligence for approving the award.

Mr Tapie had sued state bank Credit Lyonnais, accusing it of undervaluing the sports goods company Adidas, when he sold his stake to become a minister.

The legal battle has run for 20 years.

The award was annulled in 2015 because Mr Tapie had links to one of the arbitrators appointed to settle the case with Credit Lyonnais bank, and he was later ordered to pay back the money.
On Thursday, the Court of Cassation - France's highest appeals court and therefore his final avenue of legal recourse - rejected his appeal.

Mr Tapie was declared bankrupt in the mid-1990s and it remains unclear whether he will be able to pay.

BBC     News.