BREAKING: French authorities launch legal probe into Paris Olympics 2024 chief's salary
According to an AFP report, French investigators have initiated a legal investigation into the salary of Tony Estanguet, who serves as the head of the Paris Olympics 2024 organizing committee.
French investigators have initiated a legal investigation into the salary of Tony Estanguet, who serves as the head of the Paris Olympics 2024 organizing committee, as disclosed by a source close to the case to AFP on Tuesday. The inquiry, led by magistrates specialized in financial crimes, commenced "last week" and focuses on scrutinizing the mechanisms through which Estanguet receives his compensation in his capacity as chief executive of the organizing committee, the source revealed on condition of anonymity.
Tony Estanguet receives a pre-tax salary of 270,000 euros ($290,000) annually, with potential bonuses of up to 20 percent, based on the latest publicly available data on his compensation.
In a report released in October last year by the investigative newspaper Le Canard Enchaine, it was disclosed that Estanguet utilizes his personal company to invoice the organizing committee on a monthly basis instead of receiving a traditional salary.
This arrangement is purportedly aimed at circumventing a salary cap imposed on organizations with similar charitable status as the organizing committee.
The emergence of the magistrates' probe into Estanguet's compensation presents an awkward development, particularly as he endeavors to redirect attention towards the preparations for the upcoming Games scheduled from July 26 to August 11.
Despite being a three-time Olympic gold medalist in canoeing and 45 years of age, Estanguet has thus far remained unscathed by the legal issues that have ensnared other members of the Paris organizing committee.
The Olympics have faced persistent challenges with corruption in the past, whether concerning the process of awarding the Games or the lucrative contracts involved in construction and services associated with the event.