Fraud Scandal
The Elf scandal which came to light in 1994 in France was according to The Guardian, 'the biggest fraud inquiry in Europe since the Second World War... Elf became a private bank for executives who spent £200 million on political favours, mistresses, jewellery, fine art, villas and apartments'. Iraqi-born Nadhmi Auchi, at that time rumoured to be among the ten richest men of Britain, received a 15-month suspended sentence and a £1.5m fine for his involvement taking illegal commissions. Auchi was also linked to the Clearstream scandal. He is BNP Paribas bank's main private share-holder; and until 2001, the money for the Oil-for-Food programme transited through the escrow account of BNP Paribas. Magistrate Eva Joly investigated the case. In the Leuna/Minol deal following German reunification, Elf Aquitaine took over circa 2,500 vacated gas station allottments in the former East Germany without paying the rightful owners.
Read more about this topic: Elf Aquitaine
Famous quotes containing the words fraud and/or scandal:
“The disfranchisement of a single legal elector by fraud or intimidation is a crime too grave to be regarded lightly.”
—Benjamin Harrison (1833–1901)
“We must cultivate our garden.
Furia to God one day in seven allots;
The other six to scandal she devotes.
Satan, by false devotion never flammed,
Bets six to one, that Furia will be damned.”
—Horace Walpole (1717–1797)