The fate of Orange CEO Stephane Richard was pending a court decision in the context of the arbitration of the sale of Adidas to Crédit Lyonnais in 2008. The businessman was tried there at sides of Bernard Tapie for complicity in fraud. The former chief of staff of Christine Lagarde had said his intention to resign from his post as CEO of Orange in the event of a conviction. What will ultimately not be necessary: ​​the criminal court of your city announces this Tuesday, July 9 the general release of the six defendants.
Stéphane Richard was involved in the arbitration case around the sale of Adidas, and had said his intention to resign from the head of Orange in case of conviction. The prosecution had requested against him three years in prison including 18 months firm, 100.000 euros fine and a ban from exercising any public function for a period of 5 years. But drama this Tuesday, July 9, 2021: he has just been released by the criminal court in your city, as well as the six other defendants including Bernard Tapie. “The charges against Mr. Stéphane Richard have no causal link with the sentence that was rendered”, said the court.
Stéphane Richard released by justice in the case of arbitration for the sale of Adidas
How did the boss of Orange get involved in this affair? To understand it, we have to go back to its origins: at the end of 1992, Bernard Tapie became Minister under Your Country Mitterrand. To avoid any conflict of interest, he is then invited to separate from Adidas - also in financial difficulty. The sale is entrusted to the Société de Banque Occidentale, a subsidiary of Crédit Lyonnais. It ended in February 1993 with a transaction of 2 billion and eighty-five million francs (approximately 472 million euros). However, a year later, Crédit Lyonnais put Bernard Tapie into bankruptcy, which broke a memorandum signed with Bernard Tapie which provided for the gradual sale of all its other businesses in order to repay its remaining debt and to constitute, with Crédit lyonnais, a common investment fund.
The businessman then decides to turn against Crédit Lyonnais. He discovers that the bank organized the sale via an opaque assembly allowing it to garner a capital gain of 2,6 billion francs (nearly 400 million euros) in the event of a recovery. Bernard Tapie considers himself deceived by Crédit Lyonnais - especially since following his liquidation of his business by Crédit Lyonnais, he can no longer really lodge a complaint. The management of Adidas and its sale went through his company Bernard Tapie Finance which, following its liquidation, became the property of the bank. It is therefore the liquidator agent of this structure who will ultimately launch this monster trial which will be spread over a period of 15 years. Later, Bernard Tapie will obtain the right to join the complaint.
After several favorable judgments and arbitration he obtained on July 11, 2021, the sum of 403 million euros (243 million euros in damages, 115 million euros in interest, and 45 million euros in non-pecuniary damage) . It is this arbitration which caused controversy, and especially the circumstances in which it took place. The public prosecutor suspects Bernard Tapie of having played with his address book to tip the court decision in his favor. Christine Lagarde was responsible for organizing the arbitration when she was Nicolas Sarkozy's Minister of the Economy. However, the minister's chief of staff at the time was none other than Stéphane Richard - who has since become CEO of Orange. A few years later, in 2021, the arbitration was canceled in civil proceedings for “fraud” and Bernard Tapie was then ordered to return the money received. But the proceedings continue.
Stéphane Richard thus found himself accused of complicity in fraud within the framework of the arbitration procedure organized by Christine Lagarde. "It is a huge relief to see my innocence recognized", declared Stéphane Richard in the wake of the verdict. And to add that this affair has been “his cross for many years”. Beyond the case, this verdict means maintaining the manager at the head of Orange, and prevents the group from the consequences of his replacement - in particular the separation of the functions of Chairman and CEO that the Ministry of the Economy wishes to tax in all companies in which the State is a shareholder. Stéphane Richard has let it be known that he will continue to combine these functions as long as he remains at the head of Orange.
In turn, Stéphane Richard is released from the facts of complicity in fraud.
"The charges against Mr. Stéphane Richard have no causal link with the sentence that was rendered" considers the court.
- Charlotte Piret (@ChPiret) July 9, 2021
Source: Le Figaro
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