Connect with us

Hi, what are you looking for?

Europe

France opens probe into former Czech PM Andrej Babiš

PARIS — French prosecutors have opened an investigation into Czech billionaire and former Prime Minister Andrej Babiš, on suspicion of money laundering related to his purchase of villas in the south of France.

France’s National Financial Prosecutor’s Office (PNF), which is responsible for scrutinizing serious economic and financial crime, launched its proceedings in February 2022, according to Le Monde, after the businessman was mentioned in the Pandora papers — a massive leak of documents that exposed how the rich and powerful use offshore companies to hide their wealth.

According to the documents, the former Czech leader failed to disclose a series of shell companies used to buy a multimillion-euro French property. 

Babiš denied he had done anything wrong or illegal and said that the revelations were targeting his reelection campaign, which later failed.

French investigators are now focusing on how Babiš acquired his €14 million property in the billionaire haven of Mougins, which was purchased via a Monaco-based company owned by an offshore entity in the U.S.

The entire setup was allegedly hidden from French authorities and could constitute money laundering and a tax evasion scheme, Le Monde reported.

Karel Hanzelka, a spokesman for Babiš’s group Agrofert, said that “all our transactions took place in a perfectly legal manner and we paid all the required taxes.”

Babiš, the Czech Republic’s fifth richest man, also stands accused of having benefited from €2 million of European funds that were meant for small and medium-sized companies in the country. The billionaire is due to appear in court on September 12 for the case.

Click to comment

Leave a Reply

Your email address will not be published.

You May Also Like

Europe

Ukraine will join Spain and Portugal in their bid to host the 2030 soccer World Cup, the Times reported late Monday. If the joint...

Europe

The Belgian state didn’t violate the rights of a person suffering from depression when it accepted her decision to go ahead with a euthanasia...

Europe

LONDON — A member of the U.K. government took a sideswipe at Liz Truss after the prime minister saw her first weeks in the...

Energy

LUXEMBOURG — Germany on Tuesday poured cold water on a proposal by France and Italy’s European commissioners to issue new EU-denominated debt to tackle...

Europe

Press play to listen to this article KYIV — Alime’s phone was ringing non-stop after Russian President Vladimir Putin announced mobilization in Russia. As...

Europe

Lee Cain is a founding partner at strategic advisory firm Charlebye and a former No. 10 director of communications. “With public sentiment, nothing can...

Europe

Press play to listen to this article Tom Keatinge is the founding director of the Center for Financial Crime and Security Studies at the...

Europe

Biopharmaceutical drugs hold transformative potential. Since they first emerged in the 1980s, biopharmaceutical drugs, or biologics, have made a significant impact on treatment for...