BREAKING NEWS

L'Oreal heir Liliane Bettencourt to list foreign assets

Edito: One of our beautiful islands has made the international news. D'Arros is now the center of attention in this high profile case involving it's present owner who purchased the island from the relatives of the ex-Shah of Iran. D'Arros Island is under Seychelles jurisdiction and listed under the constitution as a possession of the Republic. The million dollar question is - was the sale transaction sanctioned by the Government? No endorsement would constitute an illegal sale. It would be interesting to find out from the case if taxes were paid to the Seychelles and if it was sold at fair market value. Currently the issue before the French courts revolves around the non-declaration of the purchase of D'Arros by Bettencourt in her quest to avoid paying taxes... We will soon find out who was behind the deal and who signed the documents on behalf of the Seychelles government in this high profile case of tax evasion. It is also reported in Euronews that Bettencourt, who has a 30 percent stake in l’Oréal, is suspected of trying to funnel 80 million Euros into a tax haven in the Seychelles after secret tapes released to the media appeared to show her conspiring with her financial advisor while at the same time making donations to France’s governing UMP party

The Australian - June 22nd 201

SHE is the richest woman in France, with a $20 billion fortune from L'Oreal, and possessions including an island in the Seychelles.

But Liliane Bettencourt, whose father founded the cosmetics empire, looked increasingly isolated last night as her advisers sought to limit the fallout from conversations recorded secretly by her butler and passed to her estranged daughter.

The butler, who has not been named by the French media, had worked for Mrs Bettencourt for 20 years, and says he hid a dictating machine in her dining room because he wanted to prove that she was being misled by her advisers. French police took a less charitable view of his actions, arresting him on suspicion of infringing Mrs Bettencourt's right to privacy.

The "butlergate tapes" have proved to be a bombshell for Mrs Bettencourt and much of the Parisian establishment. They revealed, for instance, that the 87-year-old heiress held a Swiss bank account and owned D'Arros island in the Seychelles but had not declared either to tax officials.

Last night Mrs Bettencourt sought to set the record straight by announcing that she was ready to divulge the full extent of her wealth. "I have decided to declare all of my family assets that are currently abroad, in co-operation with the French tax authorities," said the woman estimated to be the world's 17th-richest person. She said she had paid taxes of €400 million in France over the past 10 years.

Her statement failed to end the scandal, which threatened to engulf President Sarkozy's Government and notably Eric Woerth, the Minister for Work, whose wife, Florence, managed Mrs Bettencourt's assets between 2007 and 2010.

Mr Woerth, who led a high-profile campaign against fiscal evasion in his previous post as budget minister, denied that his wife had been simultaneously helping Mrs Bettencourt to avoid paying French tax.

As opposition politicians bayed for blood at what they said was evidence of the incestuous nature of the French elite, the minister ruled out resigning and sought to appease public opinion. His wife had resigned from the company that advised L'Oreal's heiress, he said.

The background to the controversy is a family dispute over gifts worth about euros 1 billion made by Mrs Bettencourt to Francois-Marie Banier, a society photographer who befriended her.

Francoise Bettencourt-Meyers, Mrs Bettencourt's daughter, claims that her frail, elderly mother was exploited by Mr Banier, who is to go on trial next month for the alleged offence of "abuse of weakness". He denies the allegations, as does Mrs Bettencourt, who says that her daughter is acting out of spite at her friendship.