Judge rules in the battle of the Bettencourts
Source: Agencies |
October 18, 2011, Tuesday
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FRANCE'S richest woman, cosmetics heiress Liliane Bettencourt, was ordered by a French court yesterday to be placed under the legal protection of relatives in the latest twist in the high-society family drama.
Lawyers for the L'Oreal heiress said a judge ordered the 88-year-old French billionaire and her fortune placed under the legal protection of her daughter and grandsons.
Bettencourt lawyer Jean-Rene Farthouat called the decision by a judge in the western Paris suburb of Courbevoie "profoundly disappointing" and "quite simply criticizable." It goes into effect immediately.
Bettencourt's heirs are reportedly concerned about her health and management of her fortune, estimated at US$20 billion by Forbes magazine. She is a major shareholder in cosmetics giant L'Oreal, founded by her father Eugene Schueller in 1907.
The daughter, Francoise Meyers-Bettencourt, and her mother have waged a years-long battle over the management of the fortune, but late last year appeared to have resolved their legal dispute over more than 1 billion euros (US$1.3 billion).
French daily newspaper Le Monde said the judge's decision was based in part on a court-ordered medical examination that found the heiress had "moderately severe" Alz-heimer's disease.
In a recent TV interview, Bettencourt sharply criticized the attempts to put her under her daughter's legal guardianship, calling it "a monstrous idiocy." She had long refused a medical examination to evaluate her mental capacities before agreeing earlier this year.
She also told a French newspaper she would flee abroad if the judge ruled against her, but her lawyer now says there is no question of Bettencourt leaving the country.
The daughter had accused celebrity photographer Francois-Marie Banier of abusing her mother's mental frailty and her trust to con her out of 1 billion euros in cash, artworks and other gifts. Banier, a longtime friend of Bettencourt's, insisted he did not take advantage of her.
As the mother-daughter dispute escalated, Bettencourt raised questions about the future of the world's biggest cosmetics company once her daughter inherits it.
The Bettencourt family owns 31 percent. Nestle of Switzerland is the second-largest stakeholder.
Lawyers for the L'Oreal heiress said a judge ordered the 88-year-old French billionaire and her fortune placed under the legal protection of her daughter and grandsons.
Bettencourt lawyer Jean-Rene Farthouat called the decision by a judge in the western Paris suburb of Courbevoie "profoundly disappointing" and "quite simply criticizable." It goes into effect immediately.
Bettencourt's heirs are reportedly concerned about her health and management of her fortune, estimated at US$20 billion by Forbes magazine. She is a major shareholder in cosmetics giant L'Oreal, founded by her father Eugene Schueller in 1907.
The daughter, Francoise Meyers-Bettencourt, and her mother have waged a years-long battle over the management of the fortune, but late last year appeared to have resolved their legal dispute over more than 1 billion euros (US$1.3 billion).
French daily newspaper Le Monde said the judge's decision was based in part on a court-ordered medical examination that found the heiress had "moderately severe" Alz-heimer's disease.
In a recent TV interview, Bettencourt sharply criticized the attempts to put her under her daughter's legal guardianship, calling it "a monstrous idiocy." She had long refused a medical examination to evaluate her mental capacities before agreeing earlier this year.
She also told a French newspaper she would flee abroad if the judge ruled against her, but her lawyer now says there is no question of Bettencourt leaving the country.
The daughter had accused celebrity photographer Francois-Marie Banier of abusing her mother's mental frailty and her trust to con her out of 1 billion euros in cash, artworks and other gifts. Banier, a longtime friend of Bettencourt's, insisted he did not take advantage of her.
As the mother-daughter dispute escalated, Bettencourt raised questions about the future of the world's biggest cosmetics company once her daughter inherits it.
The Bettencourt family owns 31 percent. Nestle of Switzerland is the second-largest stakeholder.
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