A well-hidden fortune

Ziad Takieddine’s wealth originates from secret commissions amounting to $130 million paid to him for the sales in the mid-1990s of French Agosta submarines to Pakistan and La Fayette frigates to Saudi Arabia under the government of then-prime minister Edouard Balladur. After making his fortune through the contracts, he began leading a high-flying lifestyle in France and abroad, but with his wealth stashed in offshore companies and accounts he paid no taxes in France, where he was domiciled. Meanwhile, successive French budget ministers, who include one of his regular holiday partners, appeared to have no qualms about his extraordinary fiscal situation.

Go back to summary: The Takieddine files

Document online since
13.07.2011

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A fortune in property and other luxury assets

Ziad Takieddine’s sumptuous apartment on the avenue Georges-Mandel in central Paris does not directly belong to him. The declared proprietor is Alain F., who is in fact one of Takieddine’s doemstic staff. SCI Sainte-Anne , the property company that owns Takieddine’s vast villa at Cap d’Antibes, on the French Riviera, is run by Patrick M., who is one of Takieddine’s body guards. Among Takieddine’s other assets is a motor yacht, La Diva, with an estimated value of 4 million euros, and a collection of vehicles, many of which are based at his Riviera villa. These include two classic Jaguar cars (from 1955 and 1962) and a 1960s Bentley Continental, as well as a Mercedes and a luxury 4x4 vehicle. Between 2001 and 2008, the total declared cost of maintenance for his vehicle collection amounted to 751,484 euros.

*- Related article: The well-connected arms dealer and his tax returns

Document online since
13.07.2011

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The multi-millionaire who paid no taxes in France

Ziad Takieddine’s tax declarations reveal that, between 2002 and 2007, and also in 2009, he paid no taxes in France, despite it being his fiscal domiciliation. Much of his wealth was hidden in offshore companies and accounts. Nor did he declare himself eligible for the impôt de solidarité sur la fortune wealth tax, despite those assets he maintained in France and which made him subject to the tax.

*- Related article: The well-connected arms dealer and his tax returns

Document online since
13.07.2011

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Takieddine’s evaluation of his wealth (2008)

A document relating to an application for a loan from Barclays Bank, dated October 23rd 2008, estimated that Ziad Takieddine’s personal fortune then totalled 97.2 million euros, including more than 40 million euros –worth of assets based in France.

*- Related article: The well-connected arms dealer and his tax returns

Document online since
11.07.2011

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A $75-million commission

The document published here is from the Banque de la Méditerranée and which shows an account opened with the bank by Takieddine was credited with $75 million on April 3rd 1997. The sum was part of the $130 million paid to Takieddine in commissions from the sale of French frigates to Saudi Arabia and submarines to Pakistan (see the background to this story, including a video report, here here, and the Karachi Affair section on FrenchLeaks (insérer lien vers la page Karachi en anglais sur FrenchLeaks) . The sum allowed Takieddine to begin a significant investment in property as of 1998.

*- Related article: The secret financier who brings danger to the Sarkozy clan