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 Monday, 6 January, 2003, 15:03 GMT
French business on trial
Jean Claude Trichet
Mr Trichet is due to take over as head of the ECB in July
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Another week, another high-profile French business leader faces trial.

The current court appearance by Jean-Claude Trichet, governor of the Banque de France, is the latest in a string of financial corruption scandals involving France's top businessmen and politicians.

Mr Trichet faces charges that he helped cook the books at Credit Lyonnais, a state-owned bank that ran into trouble after lending over-generously during the 1990s.

With more and more French business leaders spending the odd night in the cells, questions are being asked about the condition of the country's justice system.

Accelerating

The pace of corporate convictions has been stepped up in the past couple of years.

Last year, the former foreign minister, Roland Dumas, was convicted of corruption for his part in a slush-fund scandal at the oil company Elf Acquitaine.

Just two weeks ago, international financier George Soros was found guilty of insider trading relating to a French banking takeover battle 14 years ago.

Investigations are currently being conducted into several top French banks and companies.

Flaws in the system?

Critics say the French justice system is often politically motivated and far too slow to bring cases to trial.

Mr Trichet, they say, is a case in point.

Last May, the public prosecutor recommended charges against Mr Trichet be dropped.

But he was overruled by the investigating magistrate, Philippe Courroye.

That he was concerned is not disputed.

He sent several warning letters to the then finance minister Michel Sapin.

But his lawyers say Mr Trichet was doing exactly what was required of him as a public servant.

See also:

06 Jan 03 | Business
16 Jul 02 | Business
13 Feb 02 | Business
07 Feb 02 | Business
07 Feb 02 | Business
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