Latest news with #BolloreGroup
Reuters
19-03-2025
- Business
- Reuters
Anti-graft groups target Bollore Group over old Africa assets, demand restitution
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 ( 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)
Local France
19-03-2025
- Business
- Local France
French billionaire Bollore targeted in fraud case over Africa ports
Bollore Group's African ports and logistics business, which the tycoon sold off in 2022, employed more than 20,000 people in 20 African countries, running 16 ports as well as warehouses and transport hubs across the continent. Cyrille Bollore, his youngest son, became head of Bollore Africa Logistics in 2019, taking over from his father. A collective made up of non-governmental organisations in Togo, Guinea, Ghana, Ivory Coast and Cameroon called "Restitution for Africa" are accusing the Bollore Group, Bollore and his son of unlawfully receiving favours to run ports then "laundering" money in those countries through the sale of its Africa logistics business. Bollore did not immediately reply to an AFP request for comment. French investigators have already looked into allegations that the Bollore Group had, through its consulting business, illegally backed the 2010 presidential campaigns of Faure Gnassingbe in Togo and Alpha Conde in Guinea, in exchange for port concessions in Lome and Conakry. The group's lawyers managed to negotiate a settlement, but French financial prosecutors in 2024 requested Vincent Bollore be tried on charges of corruption and complicity in breach of trust. Wednesday's complaint now accuses Bollore of corruption, benefitting from influence peddling and the unlawful taking of interests of local officials in Cameroon, Ghana and Ivory Coast. It charges that this is how the group obtained concessions to run the ports of Douala and Kribi in Cameroon, Tema in Ghana, and Abidjan in Ivory Coast. Advertisement The collective alleges that the 2022 sale of Bollore Africa Logistics, whose profits came from these allegedly illegally obtained port concessions, amounted to money laundering. Bollore's holding company sold Bollore Africa Logistics to the MSC shipping group for €5.7 billion in 2022. It was thought at the time to be the mainstay of the tycoon's fortune. Bollore and his family are estimated to be worth $9.9 billion, according to Forbes. He owns several right-wing media outlets in France.
Yahoo
19-03-2025
- Business
- Yahoo
French billionaire Bollore targeted in fraud case over Africa ports
Groups from five African countries filed fraud and corruption complaints Wednesday accusing French billionaire Vincent Bollore and one of his sons of illegally obtaining and benefitting from port concessions. Bollore Group's African ports and logistics business, which the tycoon sold off in 2022, employed more than 20,000 people in 20 African countries, running 16 ports as well as warehouses and transport hubs across the continent. Cyrille Bollore, his youngest son, became head of Bollore Africa Logistics in 2019, taking over from his father. A collective made up of non-governmental organisations in Togo, Guinea, Ghana, Ivory Coast and Cameroon called "Restitution for Africa" are accusing the Bollore Group, Bollore and his son of unlawfully receiving favours to run ports then "laundering" money in those countries through the sale of its Africa logistics business. Bollore did not immediately reply to an AFP request for comment. French investigators have already looked into allegations that the Bollore Group had, through its consulting business, illegally backed the 2010 presidential campaigns of Faure Gnassingbe in Togo and Alpha Conde in Guinea, in exchange for port concessions in Lome and Conakry. The group's lawyers managed to negotiate a settlement, but French financial prosecutors in 2024 requested Vincent Bollore be tried on charges of corruption and complicity in breach of trust. Wednesday's complaint now accuses Bollore of corruption, benefitting from influence peddling and the unlawful taking of interests of local officials in Cameroon, Ghana and Ivory Coast. It charges that this is how the group obtained concessions to run the ports of Douala and Kribi in Cameroon, Tema in Ghana, and Abidjan in Ivory Coast. The collective alleges that the 2022 sale of Bollore Africa Logistics, whose profits came from these allegedly illegally obtained port concessions, amounted to money laundering. Bollore's holding company sold Bollore Africa Logistics to the MSC shipping group for 5.7 billion euros ($6.05 billion) in 2022. It was thought at the time to be the mainstay of the tycoon's fortune. Bollore and his family are estimated to be worth $9.9 billion, according to Forbes. He owns several right-wing media outlets in France. cl/ah/sjw/fg
