Ruling due in French oil co sleaze case

[emad]

From BBC News:

A Paris court is due on Wednesday to announce verdicts in one of France's biggest corruption trials. Thirty-seven people are accused of embezzling about $350m from the formerly state-owned oil giant Elf in the late 1980s and early 1990s. Top managers, including then chairman Loik Le Floch-Prigent, allegedly creamed money from a huge slush fund set up to secure foreign deals. The defendants say they became part of a pre-existing system of bribes.

Mr Le Floch-Prigent was appointed to run Elf by socialist President Francois Mitterrand in 1989. Under his four-year tenure, the bribes paid out by Elf to officials around the world rocketed from $50m to $130m a year, according to prosecutors. The other main defendants include Mr Le Floch-Prigent's former right-hand man, Alfred Sirven - who is said to have been in charge of Elf's main slush fund - and Andre Tarallo, the head of the company's African operation.

Mr Sirven and Mr Tarallo allegedly received jewels and properties. Mr Le Floch-Prigent got the company to pay for his divorce. If found guilty, they could face jail sentences of up to 10 years. The other 34 defendants are former Elf executives and middlemen who allegedly arranged pay-offs around the world. Mr Le Floch-Prigent and Mr Sirven are already serving jail terms for related offences at the corruption trial of former foreign minister Roland Dumas - who has been cleared on appeal.

During the trial Mr Le Floch-Prigent said he knew of the slush fund system but not in detail. He also said that that France's political elite at the time knew about - and benefited from - the company's slush funds. He and others told prosecutors that French political parties were among the recipients of Elf's largesse. Mr Sirven and Tarallo have admitted to "mistakes" - but argued that they were led astray by a culture of bribery at Elf. Elf was privatised in 1994, and says it no longer pays bribes.

http://news.bbc.co.uk/1/hi/world/europe/3262753.stm


I remember reading somewhere of the elf oil/enron connections. Anyone got a link?

[emad]

1. Addendum: he gets five

Former Elf boss given five years


Former Elf boss Loik Le Floch-Prigent has been sentenced to five years in prison on embezzlement charges. He is one of 37 people accused of embezzling about $350m from the formerly state-owned oil giant Elf in the late 1980s and early 1990s. Mr Le Floch-Prigent and other managers allegedly creamed money from a huge fund set up to secure foreign deals. The verdicts for other defendants, who say they were part of a pre-existing system of bribes, are also expected.
Mr Le Floch-Prigent, who was also fined $400,000 euros by the Paris court judge, was appointed to run Elf by socialist President Francois Mitterrand in 1989.

http://news.bbc.co.uk/1/hi/world/europe/3264249.stm

[papau]

2. It was Reagan/Bush41 era when corruption and greed were "IN"

That actually was the defense, along with bribes were made when US/France noticed a need -

but he could not explain why the 300 million needed to go his and his friends bank accounts (although he did explain a need for money to make political contributions to the right wing political party - gee- sounds like the USA). I liked the company paying his one million plus divorce settlement and then paying for all the mistresses and their needs.

Ronnie and Bush sure showed this country what "values" really means with over 100 indictments for public policy/job crimes (compared to ZERO for Clinton).

I wonder if the media will ever tell the public - Oh - right - the Reagan movie as produced by the RNC - that will do it.

And do you want to bet on a Showtime showing - ever - of the movie The Reagans than CBS sold to GOP'er Redstone's Viacom's Showtime?

Not that we have a right wing controlled media.