Telecom CEO Cleared Of Fraud In France Over €404M Award

Law360, London (July 9, 2019, 5:12 PM BST) -- A Paris court on Tuesday cleared the chief executive of French telecoms giant Orange SA of fraud in connection with a €404 million ($454 million) arbitration award paid out to a prominent French businessman and former Adidas shareholder more than a decade ago. 

Three judges sitting for a criminal court in the French capital found no proof that Orange CEO Stephane Richard committed any wrongdoing in connection with an arbitration payout to former Adidas majority shareholder Bernard Tapie. Richard was accused of wrongdoing in connection with his former role as chief of staff to the then-finance minister, who failed to challenge the award.

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