Le petit adminstrateur

29 June 2005

The French finance minister has played down his knowledge of a deal at the center of the Rhodia scandal. But a document has emerged suggesting he was well briefed about it. Breton has some explaining to do.

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The French finance ministry was searched this week by a judge and policemen in a move thought to be connected with a public prosecutor's investigation into the Rhodia scandal.

Finance minister Thierry Breton chaired Rhodia's audit committee between 1998 and 2002. The scandal centres on the chemicals group's acquisition of the UK phosphates maker Albright & Wilson in 1999 and 2000.

The deal was overseen by an adhoc committee of three Rhodia board members, excluding Breton. He has played down his involvement in the deal, with people close to him suggesting he wasn't kept fully informed of events.

Breakingviews has obtained a document that is apparently a copy of the minutes of Rhodia's board meeting held on March 26, 1999. This says that the chairman informed the directors of the work of the adhoc committee and that they deliberated it. Breakingviews asked Rhodia to confirm or deny the authenticity of the document but it declined to do so.

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