Orange CEO Richard given one year suspended jail sentence in fraud case

Stephane Richard, the head of France's biggest telecoms company Orange, was given a one year suspended prison sentence after being convicted on Wednesday of complicity of misuse of public funds by a Paris appeals court. The sentence could precipitate the end of his career at the state-controlled company, where he was first nominated chief executive in 2010.

Stephane Richard, the head of France's biggest telecoms company Orange, was given a one-year suspended prison sentence after being convicted on Wednesday of the complicity of misuse of public funds by a Paris appeals court.

The sentence could precipitate the end of his career at the state-controlled company, where he was first nominated chief executive in 2010. Orange will hold a board meeting on governance later on Wednesday, sources had told Reuters before the verdict. The case dates back to a 400 million euro ($449.8 million)French state payout to the late business tycoon Bernard Tapie in 2008.

Richard, who had denied any wrongdoing, was also fined 50,000 euros.