Wednesday, April 25, 2018

"Fraud police quiz Bollore for second day over Africa graft allegations"

We've looked at M. Bolloré a few times, the last being in December 2016's "Follow ‘Buffett of France’ for a Three-Year Double (BOL.France) (BOIVF)" with the stock in his namesake company (BOL:Paris) at €3.29.
Things were looking to be on track, with the shares hitting €4.75 in late January of this year, up 44% with 23 (now 20) months to go.
Until the recent unpleasantness. €4.10 last.

Bolloré was also chair of media giant Vivendi but we were more interested in his forays into Bolivian lithium, links below.

From Reuters:
French fraud police questioned tycoon Vincent Bollore for a second day on Wednesday, a judicial source said, over allegations his company undercharged for work on behalf of presidential candidates in Africa in return for port contracts.

Bollore, whose logistics empire is a powerhouse in former French colonies across West Africa, is suspected of corrupting foreign public officials and complicity in corruption.
His lawyer has denied any wrongdoing by Bollore.

Shares in Bollore fell as much as 3 percent on Wednesday after shedding 6 percent in the previous trading session.

The probe involves two separate cases, one in Guinea and the other in Togo.
Groupe Bollore confirmed on Tuesday its African business interests were under investigation over the billing for work carried out in Guinea and Togo between 2009 and 2010 by its communications business Havas Worldwide.

The group also denied any wrongdoing.

Bollore, 66, is being quizzed alongside Groupe Bollore Chief Executive Gilles Alix, head of the international division at advertising group Havas Jean-Philippe Dorent, and Francis Perez, the head of Spanish hotel and casino firm Pefaco, a judicial source said.
“The four are still in custody,” the judicial source said....MUCH MORE