Contract’s severed by L'Oreal due to controversy

Submitted by Cerise Negulici on Tue, 09/21/2010 - 14:59

The contract of French beauty giant L'Oreal Sa has been severed with photographer and socialite Francois-Marie Banier due to the controversy, which was proving detrimental to L'Oreal's goodwill.

The controversy started, when the socialite was accused by Francoise Bettencourt Meyers, daughter of the L'Oreal heiress pits Liliane Bettencourt, heiress of the cosmetics empire, that he has taken advantage of the heiress and persuaded her to spend a significant part of fortune on him.

According to the daughter, he had persuaded the elderly heiress to give him a contract with the company for a significant amount.

The daughter slapped a legal case against him. She said that her mother was manipulated by the socialite, to give him more than euro 1 billion in gifts.

After the claims of tax evasions and allegations that her financial adviser gave money illegally to conservative party during election campaign, Liliane Bettencourt is in centre of political storm.

When the stockholder started questioning the validity of the contract of L'oreal with the socialite and photographer Francois-Marie Banier, due to the legal case, L'oreal responded by canceling the contract.

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