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November 13, 2003 | From Times Wire Reports
A French court convicted three former executives of helping loot $350 million from the Elf oil company to finance lavish lifestyles. Former Elf chairman Loik Le Floch-Prigent, 60, and senior director Alfred Sirven, 76, were given five-year prison terms for masterminding the embezzlement in the late 1980s and early 1990s, when Elf was state-owned. Sirven was ordered to pay $1.2 million, and Le Floch-Prigent must pay $435,000.
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WORLD
November 13, 2003 | From Times Wire Reports
A French court convicted three former executives of helping loot $350 million from the Elf oil company to finance lavish lifestyles. Former Elf chairman Loik Le Floch-Prigent, 60, and senior director Alfred Sirven, 76, were given five-year prison terms for masterminding the embezzlement in the late 1980s and early 1990s, when Elf was state-owned. Sirven was ordered to pay $1.2 million, and Le Floch-Prigent must pay $435,000.
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