×
You will be redirected back to your article in seconds

French Mogul Vincent Bollore Detained in Corruption Probe

French billionaire Vincent Bollore, who last week stepped down as chairman of media giant Vivendi, was taken by police into custody on Tuesday for questioning as part of an investigation into allegations of corrupt business practices in Africa.

The head of the Bollore Group is being questioned in the Paris suburb of Nanterre about how the group obtained contracts to run ports in Togo and Guinea, which are both former French colonies, his company has confirmed. Police now have up to 48 hours to investigate Bollore and decide whether he will stand trial.

News that the magnate whose group holds a majority stake in Vivendi, which in turn owns Universal Music Group and the Canal+ Group, caused shares in his Bollore Group  holding company to tumble more than 8%, while Vivendi shares dropped around 1%.

In a statement Bollore Group has denied any illegal actions in its African operations.

Bollore, 66, who is known as a corporate raider and has a net worth of $7.3 billion, according to Forbes, took over his family business in 1981 and turned it from a paper manufacturer into an $14.8 billion global construction, media and transport giant whose business activities include running ports in West and Central Africa.

Last week, Bollore handed over the reins at Vivendi — the French media company where he’d been chairman since 2014 and which Bollore Group controls with a 20.5 percent stake — to his son Yannick Bollore.

It is not known if his decision to step down from Vivendi was related to the investigation.

Also last week, Vivendi chief executive officer Arnaud de Puyfontaine said they had begun work on a “potential listing” of Universal Music Group, which is its largest asset.

Reports of the investigation started started surfacing two weeks ago. The probe according to French daily Le Monde involves two separate cases, one in Togo and the other in Guinea. The French judges are reportedly looking into whether payments were made towards the electoral campaigns of African politicians who once in office granted port concessions to Bollore’s group.

 

More Music

  • Peter Bjorn and John -Björn Yttling

    As Peter Björn & John Celebrates 20 Years, the Band Returns to its 'Darker' Roots

    A trifecta of pure energy hit the stage at the Teragram Ballroom in Downtown Los Angeles Saturday night as Peter Björn & John performed the second-to-last stop of a 2018 tour. Promoting their new album “Darker Days,” which dropped October 19, the band went back to basics as a three-piece for this outing (drummer John [...]

  • Adam Levine Cardi B

    Maroon 5 and How the Super Bowl Halftime Show Became Music's Least Wanted Gig

    Who would have thought that the Super Bowl Halftime show, an American institution watched by more than 100 million people, would become the least wanted gig in music? But thanks to the ongoing controversy concerning the NFL’s stance on a player’s right to protest, brought to the forefront by football’s top conscientious objector Colin Kaepernick, [...]

  • Mary Poppins 1964

    P.L. Travers' Efforts to Adapt 'Mary Poppins' for Film, TV Were Often Less Than Jolly

    Disney’s “Mary Poppins Returns,” a sequel decades in the making, opens Dec. 19. Even before the 1964 original, Hollywood made several attempts to adapt P.L. Travers’ books, with Samuel Goldwyn and Katharine Hepburn among those involved in the chase. But aside from a one-hour 1949 CBS television version, they all hit a dead-end. The first [...]

  • Stevie Nicks Fleetwood Mac in concert

    Hall of Famer Stevie Nicks Thanks Jimmy Iovine for Talking Her Into Solo Career

    Stevie Nicks had a monumental Thursday, starting the day by being elected to the Rock And Roll Hall Of Fame as a solo artist and ending it onstage with Fleetwood Mac playing before a sold-out audience for the second of three nights at the Forum. During the show, Nicks addressed her big news that day, [...]

  • Kanye West

    Kanye West Accuses Drake of 'Threatening' His Family in Epic Twitter Binge

    Kanye West re-ignited his feud with Drake on Thursday night, accusing the rapper of “threatening” his family in a dozens-long Twitter binge on Thursday night. The latest installment of the saga between the former friends — which flared up most dramatically back in May when Pusha T revealed that Drake has a son with model [...]

  • Kacey Musgraves Cardi B Janelle Monae

    The Best Albums of 2018

    Even by recent standards, these are times that try human souls. And not surprisingly, that was reflected in the music of 2018: Whether metaphorically responding to the political realities of America (“Black Panther), mimicking the ADD nature of modern culture (Terra Whack) or simply providing a distraction, however brief, from too much reality (take your [...]

More From Our Brands

Access exclusive content