Ligue 1 Side AS St. Étienne Shareholder Has Equity In Club Seized By Judge

Under investigation by Saint-Étienne officials for laundering since the summer, a judge ordered Ligue 1 side AS St. Étienne shareholder Adao Carvalho’s equity in the club to be seized, according to Denis Maynard of LE PARISIEN. The Portuguese businessman’s share of ASSE “added up to 22% of the club’s capital” and has been estimated to be worth between €2M ($2.2M) to €7.5M ($8.4M). The shares “become the property of the Seized and Forfeited Assets Collection Agency (AGRASC), which has managed criminal assets since ’11.” Carvalho’s lawyer, who is appealing the seizure, said, “The state now can become a shareholder of ASSE or auction the shares. My client cannot be tried again for laundering, which was known about and he was not prosecuted at trial for two years ago.” Prosecutor Jean-Daniel Regnauld said that he has “no doubt” that the club shares acquired by Carvalho in ’04 were “paid for by fraudulent checks, via businesses funded by the misuse of corporate assets” (LE PARISIEN, 10/3).