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Head of French telecoms group Orange convicted of misuse of public funds -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Orange’s chief executive Stephane Richard reacts to being cleared of fraud charges. This allows him to continue as the head of France’s largest telecom company in Paris. July 9, 2019. REUTERS/Charles P

PARIS (Reuters) – Stephane Richard was convicted by a Paris appeals judge Wednesday for complicity in the misuse of public money.

This case dates back to a 400-million-euro (or $4499.8 million)French payout to Bernard Tapie, a business mogul in 2008.

Richard served as chief of staff for Christine Lagarde (then finance minister), at the time. He now heads the European Central Bank (ECB). Lagarde, who was negligent in the investigation, was sentenced to a year and a half later.

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