French billionaire Vincent Bollore, who last week stepped down as chairman of media giant Vivendi, was taken by police into custody on Tuesday for questioning as part of an investigation into allegations of corrupt business practices in Africa.
The head of the Bollore Group, who is 66, is being questioned in the Paris suburb of Nanterre about how the group obtained contracts to run ports in Togo and Guinea, which are both former French colonies, his company has confirmed. Police now have up to 48 hours to investigate Bollore and decide whether he will stand trial.
News that the magnate whose group holds a majority stake in Vivendi, which in turn owns Universal Music Group and the Canal+ Group, caused shares in his Bollore Group holding company to tumble more than 8%, while Vivendi shares dropped around 1%.
In a statement Bollore Group has denied any illegal actions in its African operations.
More to follow