April 3, 2007
Total chief summoned by SEC: French press report
Christophe de Margerie, chief executive of the French oil company Total, has been summoned by the US authorities to be quizzed over the company’s activities in Iran, according to La Tribune, the French newspaper.
Last month, he was brought in to a French police station for 36 hours of questioning over Total’s involvement in alleged bribery in Iran, and placed under formal investigation by a judge. Now, as La Tribune puts it, Total’s troubles have taken on an international dimension.
Both Total and Mr de Margerie deny any wrongdoing, and the company insists there is no question of him resigning.
And as my colleague Peggy Hollinger pointed out last week, investors seem to be taking a pretty relaxed view of this inquiry.
UPDATE The FT has confirmed that the US authorities want to interview Mr de Margerie over Total’s activities in Iran and Iraq, but are requesting an informal meeting, rather than issuing a subpoena.
