February 14 – Qatari president of PSG and European Club Association chair Nasser Al-Khelaïfi, has been caught up in a French investigation into a corporate fraud case involving the Lagardère group.
Arnaud Lagardère, CEO of the Lagardère group, is accused of having used company bank accounts to finance his lifestyle and personal expenses for several years and of giving false and misleading information to manipulate the group’s share price
Al-Khelaïfi, was indicted on February 5 for “complicity in vote-buying and violation of freedom to vote” and “complicity in abuse of power to the detriment of SCA Lagardère”.
The Qatar Holding LLC, a subsidiary of the sovereign wealth fund Qatar Investment Authority (QIA) in 2018 was a significant shareholder in Lagardère.
Al-Khelaïfi is accused of helping Arnaud Lagardère receive a favourable vote from QIA at the general meeting of shareholders on May 3, 2018, in return for promising to appoint Jamal Benomar to the supervisory board of Lagardère SCA.
In a statement made to investigators and later released via Al-Khelaïfi’s lawyers, Al-Khelaïfi said: “I’m surprised to be here today. I had no influence in this case. I find myself in the middle of a case in which I have no connection whatsoever, all on the basis of a single telephone communication concerning a problem with Qatar, a question I had to pass on, and my role was limited to that. The parties quote “Nasser here, Nasser there”. To defend themselves, they quote my name. I’d like the situation to be clearer, especially in view of the reply from QIA.”
Insiders say that Al-Khelaïfi has only been indicted because of the attention his name brings public attention to the case and that the evidence against him is circumstantial at best.
QIA issued a statement saying: :With reference to allegations that Mr Nasser Al-Khelaifi was involved in improper vote buying and abuse of power involving the comnay Lagardere, QIA unequivocally rejects any allegation of improper conduct by QIA or Nasser Al-Khelaifi. Mr Al-Khelaifi had no substantive role in this matter nor made any decision in this regard.
“Day-to-day matter involving companies into which QIA has made an investment, are handled by its executive and not be members of QIA’s Board such as Nasser Al-Khelaifi. This is line with QIA’s long-established and robust corporate governance practices, Accordingly, Nasser Al-Khelaifi was not in a position to influence, or to take any action on behalf of QIA, involving the company Lagardere.”
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