Ex-Oil Execs Convicted of Graft Get Jail Terms
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.
Andre Tarallo, former head of Elf’s hydrocarbons division, was sentenced to four years and fined $2.3 million. Twenty-seven accomplices also were convicted.
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