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  • Elf executives are jailed over £210m ‘black box’ fraud

    11/12/2003 6:31:21 PM PST · by dighton · 12 replies · 275+ views
    The Telegraph (UK) ^ | 11/13/2003 | Philip Delves Broughton
    France’s longest-running political and corporate corruption scandal ended yesterday with prison sentences and fines for 23 former executives at the Elf oil company and their associates.Loik le Floch-Prigent, 57, Elf’s chief executive between 1989 and 1993, authorised the embezzlement of £210 million while Elf was state-owned. The money went on bribes for politicians and middlemen and lavish lifestyles for senior Elf executives.He was jailed for five years and fined £260,000.Nadhmi Auchi, a British billionaire, was given a two-year suspended prison sentence and fined £1.4 million. Auchi, who fled his native Iraq under Saddam Hussein, was found guilty of accepting illegal...