French Political Couple on Trial for Tax Evasion, Hidden Luxury Villas

Prosecuted for tax evasion and money laundering, their trial, which opened last Monday before the Paris Criminal Court, has already given rise to uncertainties as to its continuation due to the remarkable absence of Isabelle Balkany, 71, Patrick Balkany’s wife and first deputy, "hospitalized since May 1 after ingesting medication," writes Atlas info.

According to the news site, it all started in 2013 following "the revelations of Didier Schuller, a former ally of the couple." Outlining the facts, Atlas info explains that the Balkanys are accused of "large-scale money laundering" between 2007 and 2014 of having concealed from the tax authorities "hidden" income and assets worth "at least 13 million euros".

In the Balkanys’ assets, there is the Villa Pamplemousse, acquired in 1997 by a company incorporated in Liechtenstein by a Swiss fiduciary, located in Saint-Martin, in the West Indies. In Morocco, we mention the Villa Dar Gyucy in Marrakech, which has been owned since 2010 by a Moroccan real estate company owned by a Panamanian company, Hayridge. A riad estimated at 2.75 million euros and which "had been paid for by the Saudi businessman Mohamed Al Jaber at the time when he was negotiating a major real estate project in Levallois," informs Atlas info.

In addition, the couple is also accused of acts of corruption, including 2.5 million euros in "kickbacks" that had been "paid through the Singaporean account of another Panamanian company. "This money comes, according to the investigators, from a commission paid to Patrick Balkany by a Belgian industrialist, George Forrest, in exchange for his help for a mining contract in Namibia." Despite the arrival at the court of Patrick Balkany, 70, the absence of his wife has allowed the couple’s lawyers to postpone the case to a later date. A trial whose outcome cannot be predicted.