The French tycoon launched a €1.2bn (£860m) claim for compensation after insisting he was tricked by the bank into selling the sportswear firm for less than it was worth.
But after losing his claim it was ruled he must hand over an earlier cash settlement he received in 2008 after that judgement was overturned. He was also ordered to pay interest on the debt and the legal costs of the case.
"I am ruined, totally ruined," Mr Tapie told French newspaper Le Monde. "But I know myself. This will not last long. If they want war, that's what they'll have.
"I am knocked out, I am very unhappy. I have not slept for a week as I expected this decision."
Mr Tapie suggested the ruling would force him into personal liquidation and he would have to sell all his posessions, including a luxury home in Paris he has owned for 28 years.
Another residence in Saint Tropez has already been seized by the French authorities and will likely be sold to pay off the debt.
It was the final chapter in a long-running legal battle involving the flamboyant businessman whose career has taken him from owner of Marseille football club to media investor and Government minister.
His lawyer Emmanuel Gaillard said his client would launch a final appeal in France's highest court.
However, legal experts say such an appeal would not spare him the obligation in the meantime to honour the repayment ruling.
No comments:
Post a Comment