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French Authorities Launch Audit of Yves Saint Laurent Foundation’s Moroccan Museums
Saturday 12 December 2020, by
The French Ministry of the Interior has decided to audit the accounts of the Bergé-Yves Saint Laurent Paris Foundation, which has a subsidiary in Morocco. It has thus ordered a general inspection of the administration (IGA).
The French-based foundation, headquartered in the 16th arrondissement of the capital and chaired by Madison Cox, is accused of making profits, reports Le Canard enchaîné. Mr. Cox is also the head of the Moroccan subsidiary of the foundation and of the Jardin Majorelle SCA company, which manages the Yves Saint-Laurent Museum and the Berber museum in Marrakech, which generate revenue.
The manager is said to have received remuneration as a landscape architect and to have received a percentage of the turnover of the Moroccan activities amounting to 1 million euros per year. This situation was denounced by Alain Minc, a former member of the foundation’s board of directors. "Nearly 50% of the turnover escapes precise analysis," the political advisor is said to have declared in a letter circulated by the weekly.
Mr. Minc condemned the opacity of the documents provided by the foundation. On the foundation’s side, a spokesman for Madison Cox assures that the government has been informed of all the documents required in this case.