By Mathieu Rosemain

PARIS, (Reuters) – France’s Orange will meet with its board to discuss governance of Orange’s largest telecoms organization regardless of Wednesday’s court verdict in a case involving Stephane Richard Chief Executive. Sources close to the matter confirmed that this meeting was scheduled.

Richard is not accused of any wrongdoing. He faces accusations of complicity and misuse of public money in this case. It dates back 400-million-euro ($449 millions) in state payments to Bernard Tapie (now deceased), in 2008.

Richard, at that time, was chief of staff to Christine Lagarde (then finance minister), who is now head of the European Central Bank. In December 2016, Lagarde was found guilty of negligently handling the matter.

Judges at the Paris appeals court were told by a prosecutor that Richard, for his participation in the dispute settlement payment, should be sentenced to three years imprisonment and a 100,000 euro fine.

A conviction could end his career in the state-controlled firm, where he was the first chief executive to be elected.

According to sources, Orange would hold a meeting of its board following the court’s decision.

Richard was released at the conclusion of his first trial in 2019, which took place in 2019. He attended every hearing in the case that grabbed national attention. He also attended nearly all appeal hearings. The case also includes four additional defendants.

The ex-civil servant had already stated that he wouldn’t seek to be CEO when his third term ends in May 2022. However, he wanted to remain chairman.

In the case of severe sentences, this wish might fade. Bruno Le Maire, French Finance Minister, has stated repeatedly that the government believes bosses in state-controlled businesses should be fired if they are convicted.

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