French billionaire Vincent Bolloré, who last week stepped down as chairman of media giant Vivendi, is being questioned by police as part of an investigation into allegedly corrupt business practices in Africa, it emerged today (Tuesday).
Groupe Bolloré today confirmed that its African business interests were being probed, adding that it would cooperate while denying any wrongdoing.
The news was first reported by French newspaper Le Monde and relates to activities in Guinea and Togo between 2009 and 2010. French judges are assessing whether Groupe Bolloré’s Havas agency provided financial aid to the campaigns of local politicians who once in office granted port concessions to the group.
Vincent Bolloré (pictured) is chairman and chief executive of Groupe Bolloré and in a statement today, the company said: “Groupe Bolloré formally denies that its subsidiary at the time, SDV Afrique, has committed irregularities.
“The interrogation of its executives will provide clarity to the judiciary on these questions, which were the subject of an independent audit that found the operations were perfectly regular.”
It was announced last week that Yannick Bolloré would take over as the new chairman of Vivendi after his father, Vincent Bolloré, announced he would depart the position.
Vincent Bolloré will remain on the Vivendi board and had earlier stepped down as chairman of French pay-television broadcaster Canal Plus, which Vivendi operates and is a major sports broadcaster in the country.
Yannick Bolloré is chairman and chief executive of advertising giant Havas. In July, Vivendi completed its €2.36bn ($2.94bn) takeover of Havas. Vivendi acquired the 59.2 per cent stake in Havas held by Groupe Bolloré.