Tapie Affair

In 1993 in order to become a cabinet minister under the Socialist Mr Mitterand Mr Tapie a French businessman sold his majority stake in Adidas. Mr Tapie subsequently sued the French bank Credit Lyonnais which bought the stake, accusing the bank of defrauding him by undervaluing the company. In 2007 the former socialist minister backed centre right candidate Nicholas Sarkozy for president. A few months later Mr Sarkozy's new Finance Minister, Christine Lagarde, intervened in the judicial case and ordered that the dispute should go to binding arbitration. In 2008 the arbitration panel of judges ruled that Mr Tapie should receive damages of €285m (€404m after interest added). A French appeal court has now ruled that Mr Tapie should pay back the compensation