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QATAR

Call for probe into sale of Printemps to Qataris

The purchase of the famous upmarket French department store Printemps by investors from Qatar needs to be investigated by authorities for possible corruption, money laundering and tax fraud, unions demanded this week.

Call for probe into sale of Printemps to Qataris
The famous French store Printemps, set to be bought by Qatari investors. Photo: MadebyMark/flickr

Unions at the French department store Printemps have asked authorities to open a probe into what they call opaque finances in the sale of the luxury shop chain to investors from the gas-rich Gulf state of Qatar.

"We have turned to the prosecutor because we have discovered multiple financial arrangements in the sale specifying exorbitant commissions and intermediaries which also get exorbitant sums," said Bernard Demarcq, the spokesman for the unions at the store chain.

"All this seems very opaque to us. This should be probed for possible corruption, breach of trust, money laundering and tax fraud," he added of the request submitted Tuesday.

According to documents seen by AFP, a group of Qatari investors will via a Luxembourg firm called Disa buy out the 70 percent shareholding of Deutsche Bank and the 30 percent owned by the Italian Borletti Group.

The value of the transaction, which should be finalised by the summer, was not detailed in the document. But one media report said the deal could be worth around €1.6 billion. The transaction is expected to be completed within months.

There are 16 Printemps stores in France, including the flagship Printemps-Haussmann shop in central Paris, with employ some 3,400 people.

France has proved attractive to Qatari investors who have bought Paris Saint-Germain football club and acquired three percent of energy giant Total as well as stakes in building firm Vinci and in media group Lagardere, although the investments have provoked some criticism among the French public.

Around 10 percent of Qatari foreign investments are in France.

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FOOTBALL

Spanish great Xavi to play on until at least end of year

Legendary former Barcelona and Spain midfielder Xavi Hernandez has upset his own plans to retire and announced he will extend his career until at least the end of this year, he said on Sunday.

Spanish great Xavi to play on until at least end of year
Legendary former Barcelona and Spain midfielder Xavi Hernandez. Photo: Karim Haafar/AFP

Widely expected to end his illustrious playing career at the end of this season, the World Cup champion and four-times Champions League winner told AFP he feels fit enough to continue playing a little longer.

“I have decided to continue at least six months more,” said the 38-year-old, who now plays for Qatari club Al Sadd.

Asked why he was playing on, he replied: “Because it depends on my physical condition. Maybe in December I decide to continue.”

The decision is unexpected as Xavi had signalled that the current season would be his last before he focuses on earning his coaching badges. Xavi, who won 133 caps for Spain, had been expected to take the reins at Al
Sadd from next season and has been tipped to be the Qatar coach in 2022 when the Gulf state hosts the World Cup.

He made his debut for Barcelona back in 1998, and went on to make more than 500 appearances for the Catalan giants, winning eight La Liga titles.

Although the league season has ended in Qatar — Al Sadd finished runners-up — Xavi is still involved in two cup competitions.

On Monday, Al Sadd play in Doha against Saudi Arabian side Al Ahli in the first leg of the AFC Champions League last 16.

Later this week, Al Sadd will also play in the semi-final of Qatar's biggest domestic cup competition, the Emir Cup.