French billionaire Bollore targeted in fraud case over Africa ports / Photo: ALAIN JOCARD - AFP/File
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NYSE - LSE
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.
H.Silva--PC