logo
Anti-graft groups target Bollore Group over old Africa assets, demand restitution

Anti-graft groups target Bollore Group over old Africa assets, demand restitution

Reuters19-03-2025

PARIS, March 19 (Reuters) - A dozen anti-graft campaigners have filed a complaint against logistics group Bollore and its former CEO with the French financial prosecutor, accusing them of using connections and influence-peddling to secure lucrative African port concessions.
The complaint is the first step towards a possible criminal case in France.
The campaigners' complaint, which demands restitution, alleges that the Bollore Group (BOLL.PA), opens new tab and Vincent Bollore, used connections with leaders across West Africa over several decades to win contracts and build up an expansive business network.
These included port concessions in Togo, Ghana, Guinea, Cameroon and Ivory Coast, secured by way of "corruption, favouritism and influence peddling," according to the complaint filed late on Tuesday, which Reuters reviewed.
Those contracts earned billions of euros for the group that should be returned to local populations, the complaint says.
A representative for the Bollore Group and Vincent Bollore did not respond to a Reuters' request for comment on the allegations. A lawyer for the Bollore Group declined to comment.
The financial prosecutors (PNF) will now decide if there are sufficient grounds to launch an investigation. If rejected, the plaintiffs are able to file a second complaint that would force the opening of a preliminary probe.
The PNF did not respond to a request for comment.
A dozen associations, including Restitution Afrique (RAF), which is funded by Congolese whistleblower Jean-Jacques Lumumba, and Transparency International's branches in Cameroon and Ghana, are listed as plaintiffs in the complaint.
It says that revenue from Bollore's Africa concessions helped to underpin the 5.7 billion-euro ($6.2 billion) price tag on Bollore Africa Logistics' 2022 sale to French shipping group CMA GGM.
The complaint demands that all or part of money earned from the sale be returned to local populations under a French law passed in 2021.
The governments of Togo, Cameroon, Ghana and Ivory Coast did not immediately respond to a request for comment on the complaint's main arguments. The government of Guinea could not be reached for comment.
RAF lawyer Antoine Vey told Reuters his clients expected an investigation into the group's "money flows".
($1 = 0.9175 euros)

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Palace co-owner John Textor would sell shares for Europa League chance
Palace co-owner John Textor would sell shares for Europa League chance

Rhyl Journal

time11 minutes ago

  • Rhyl Journal

Palace co-owner John Textor would sell shares for Europa League chance

The American, whose Eagle Football Group owns 43 per cent of Palace, has imperilled the club's chance of a first-ever European campaign owing to his involvement with Ligue 1 side Lyon, but is ready to offload his stake to his fellow co-owners in order to bring the saga to an end. UEFA does not allow clubs with the same ownership to compete in the same European competitions in a season. As well as his stake in Palace, the 59-year-old has a controlling stake in the French club, also via Eagle Football. However it is also reported that the European governing body does not consider Textor's influence at Selhurst Park to be decisive and is leaning towards allowing the club into the Europa League regardless. The PA news agency understands no formal decision is likely on Palace's fate until the end of June. Textor has previously spoken of his frustration at how little influence his stake entitles him to, over football matters. Victory for Oliver Glasner's side over Manchester City in last month's FA Cup final gave them their first major trophy and with it a first crack at Europe. However, Nottingham Forest have since written to UEFA to challenge Palace's Europa League spot and in the hope of taking their place. Forest's owner Evangelos Marinakis, who also owns Greek side Olympiacos, placed his shares in the club in a blind trust before the governing body's March 1 deadline, anticipating Nuno Espirito Santo's side's European qualification. At present Forest, who finished seventh in last season's Premier League, are set to enter the Conference League but would take Palace's Europa League place, should they be deemed ineligible.

TRADING DAY Good vibrations turn sour
TRADING DAY Good vibrations turn sour

Reuters

timean hour ago

  • Reuters

TRADING DAY Good vibrations turn sour

ORLANDO, Florida, June 11 (Reuters) - TRADING DAY Making sense of the forces driving global markets By Jamie McGeever, Markets Columnist I'm excited to announce that I'm now part of Reuters Open Interest (ROI), an essential new source for data-driven, expert commentary on market and economic trends. You can find ROI on the Reuters website, and you can follow us on LinkedIn and X. The US and China have reached a trade deal, or at least agreed on the framework of a deal, which together with surprisingly soft U.S. inflation data, gave markets a lift on Wednesday. But Wall Street's gains were mild, and they were later wiped out by rising tensions in the Middle East. In my column today I look at the 'equity risk premium' and other metrics that suggest relative U.S. equity and bond valuations are getting very stretched. More on that below, but first, a roundup of the main market moves. If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today. Today's Key Market Moves Good vibrations turn sour It's a "done" deal, according to U.S. President Donald Trump, although the he and Chinese leader Xi Jinping still have to finalize the wording of the trade agreement between the two superpowers and sign off on it. The main points of the deal appear to be: China will remove export restrictions on rare earth minerals and other key industrial components; U.S. tariffs on Chinese goods will total 55%; Chinese tariffs on U.S. goods will total 10%. Trump could not have been more enthusiastic in his praise for the agreement on Wednesday, and Commerce Secretary Howard Lutnick said 'deal after deal' with other countries will follow in the weeks ahead. Yet, judging by the relatively muted market reaction, investors are less enthused. And given the chaotic and unpredictable nature of the Trump administration's tariff announcements thus far, the irony of Treasury Secretary Scott Bessent calling on China to be a "reliable partner" in trade negotiations will not be lost on some observers. Especially, one suspects, in Beijing. Based on these proposed China levies, and with the US expected to conclude more trade deals in the coming weeks, the overall U.S. effective tariff rate will be lower than feared a couple of months ago. That's a relief. But the effective tariff rate of around 15% that many economists expect will still be significantly higher than the 2.5% rate at the end of last year, and would be the highest since the 1930s. Also, as the May inflation figures showed, tariffs have yet to be felt on prices. Investors - and Fed policymakers, who meet next week - are in a state of limbo. How will corporate profits and consumer spending be affected? What proportion of the tariffs will companies "swallow", and how much will they pass on to their customers? Zooming out, inflation appears to be cooling around the world, although this trend is expected to reverse once tariffs start to fuel higher goods price inflation. Figures on Wednesday showed that U.S. consumer inflation and Japanese wholesale inflation were lower than expected in May. These reports follow similar numbers from Europe recently, and China remains stuck in its battle against deflation. Next up is India, which releases consumer inflation figures on Thursday, which are expected to show annual inflation slowed to 3.0% in May, the lowest in more than six years. Another focus for investors on Thursday will be the auction of 30-year U.S. Treasury bonds. US stocks-bonds warnings flash amber again Calm has descended on U.S. markets following the 'Liberation Day' tariff turmoil of early April. But Wall Street's rally has revived questions about U.S. equity valuations, as stocks once again look super pricey compared to bonds. Since the chaotic days of early April, U.S. equities have rebounded fiercely, with the S&P 500 up 25%, putting the Shiller cyclically adjusted price-earnings (CAPE) ratio for the index in the 94th percentile going back to the 1950s, according to bond giant PIMCO. Stocks are looking expensive in absolute terms, and in relation to bonds. The equity risk premium (ERP), the difference between equity yields and bond yields, is near historically low levels. According to analysts at PIMCO, the ERP is now zero. The previous two times it fell to zero or below were in 1987 and 1996–2001. In both instances, the ultra-low ERP precipitated a steep equity drawdown and sharp fall in long-dated bond yields. "The U.S. equity risk premium ... is exceptionally low by historical standards," they wrote in their five-year outlook on Tuesday. "A mean reversion to a higher equity risk premium typically involves a bond rally, an equity sell-off, or both." But reversion to the mean doesn't just happen by magic. A catalyst is needed. Equities have recovered largely because they were oversold in April, trade tensions have been dialed down, and investors remain confident that Big Tech will drive solid AI-led earnings growth. So even though huge economic, trade, and policy risks continue to hang over markets, there is no sign of an imminent catalyst that would cause an equity market selloff. The flip side of equities looking expensive is that bonds look like a bargain. Indeed, the relative divergence between stocks and bonds is such that, by one measure, U.S. fixed income assets are the cheapest relative to equities in over half a century. Using national flow of funds data from the Federal Reserve, retired strategist Jim Paulsen calculates that the total market value of U.S. bonds as a percentage share of the total market value of U.S. equities is the lowest since the early 1970s. "Since the aggregate U.S. portfolio is currently aggressively positioned, investors may have far more capacity and desire to boost bond holdings in the coming years than most appreciate," Paulsen wrote last week. But bonds are 'cheap' for a reason. Washington's profligacy – the reason ratings agency Moody's recently stripped the U.S. of its triple-A credit rating – and inflation worries have kept yields stubbornly high. The term premium - the risk premium investors demand for holding long-term debt rather than rolling over short-dated loans - is the highest in over a decade, reflecting concerns about Uncle Sam's long-term fiscal health. And the diagnosis here shows no signs of improving. Trump's 'Big Beautiful Bill' is expected to add $2.4 trillion to the U.S. debt over the next decade, according to the nonpartisan Congressional Budget Office, likely putting more upward pressure on yields. Of course, equity investors do seem to be pricing in a very rosy scenario, and the past few months have shown how quickly the market landscape can change. The U.S. economy could weaken more than expected, the trade war could escalate, or there could be a geopolitical surprise that causes bond yields and equity prices to fall. Investors should therefore be mindful of the warnings being sent by ERPs and other absolute and relative valuation metrics. However, they should also remember that stretched valuations can get even more stretched. As the famous saying goes, markets can stay irrational longer than investors can remain solvent. What could move markets tomorrow? Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, opens new tab, is committed to integrity, independence, and freedom from bias.

Greta 'mistreated and mocked' by dancing Israeli officials before deportation
Greta 'mistreated and mocked' by dancing Israeli officials before deportation

Daily Mirror

timean hour ago

  • Daily Mirror

Greta 'mistreated and mocked' by dancing Israeli officials before deportation

French doctor Bapiste Andre was on 'freedom flotilla' with Greta Thunberg - he said the group were subject to 'mockery' when they were intercepted by Israeli officials An activist on the 'freedom flotilla' boat with Greta Thunberg has said the latter was mistreated by Israeli officials. There "were acts of mistreatment" according to Baptiste Andre, who spoke to French media after the group of 12 were brought to the port of Ashdod. Mr Andre, a doctor, said there were 'no acts of physical violence', but that they were subject to sleep deprivation and 'mockery' by Israeli officials. He said this was 'especially' focussed on Ms Thunberg. 'As soon as [ Thunberg ] fell asleep, the immigration services came to wake her up' he claimed, adding that music was turned loud and members of the immigration services 'danced in front of us'. ‌ ‌ Adding there was some difficulty for the detainees in gaining access to food, water and toilets, Andre said: 'It took three hours to get a piece of bread.' On X, the Israeli foreign ministry said: 'The passengers of the 'Selfie Yacht' arrived at Ben Gurion Airport to depart from Israel and return to their home countries. Those who refuse to sign deportation documents and leave Israel will be brought before a judicial authority.' Israeli government spokesperson David Mencer said Thunberg was party to ' Instagram activism'. Israeli officials have received criticism after calling the group anti-semitic amid their attempts to bring food to people in Gaza. The UN has warned Gaza's population is at risk of famine. Ms Thunberg was one of 12 passengers on the Madleen, a ship carrying aid to Gaza. Israeli naval forces seized the boat without incident early on Monday about 125 miles off of Gaza's coast, according to the coalition, which along with rights groups, said Israel's actions were a violation of international law. Israel rejects that charge because it says such ships intend to breach what it argues is a lawful naval blockade of Gaza. ‌ Speaking upon arrival at Paris' Charles de Gaulle Airport, Ms Thunberg called for the release of the other activists who were detained aboard the Freedom Flotilla. She described a 'quite chaotic and uncertain' situation during the detention. The activist added the conditions they faced 'are absolutely nothing compared to what people are going through in Palestine and especially Gaza right now'. 'We were well aware of the risks of this mission,' Ms Thunberg added. 'The aim was to get to Gaza and to be able to distribute the aid.' She said the activists would continue trying to get aid to Gaza.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store