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Latest Business News

Appeals Court Sentences Ex-Elf Official

Thursday, March 31, 2005 10:48:50 AM

PARIS (AP) - An appeals court on Thursday increased the prison sentence to seven years from four years for a former official at oil company Elf Aquitaine convicted in a massive corruption scandal.

Andre Tarallo, 77, a former hydrocarbons director, was one of more than a dozen people convicted in 2003 for their roles in an embezzlement scam that drained more than 300 million euros ($412 million at the time) from the coffers of the oil company, then state owned.

A 2 million euros ($2.6 million) fine levied earlier remained in place.


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