French media boss Arnaud Lagardere resigns after embezzlement charge

RFI

30 April 2024 at 8:09 am·1-min read

French media baron Arnaud Lagardere resigned Tuesday as chief executive of the sprawling group of the same name after being charged with misuse of corporate funds.

Lagardere, who sold the firm built by his father to media giant Vivendi in November, plans to appeal a temporary ban on holding management positions resulting from the charges, his company said.

The firm operates the profitable Relay chain of airport and train station stores, airport duty-free shops, major performance venues, as well as media including radio station Europe 1 and Sunday paper the Journal du dimanche and France's top book publisher Hachette.

Now 63, Arnaud Lagardere inherited his father Jean-Luc's former business empire on his death in 2003.

He was charged on Monday after a day of questioning by specialist financial investigators.

A source familiar with the case said the charges originated in part from a complaint by activist investor Amber Capital, as well as market watchdogs.

'Financing his personal spending'

Lagardere is suspected of "financing his lifestyle and his personal spending from the funds" of two of his companies, the source added.

The firm said the charges "largely relate to companies belonging personally" to Arnaud Lagardere, rather than those that are part of the publicly-traded Lagardere SA group.

He was however charged with "vote-buying, abuse of power and spreading false or misleading information" in 2018-19, the group acknowledged, saying the former CEO "strongly contests" the accusations.

(with AFP)

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'Financing his personal spending'

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