Trouble brewing in the Paris Olympics Organizing Committee camp
Trouble is brewing in the camp of the Paris Olympics Organizing Committee, after it was revealed today that investigators have opened a legal probe into the salary of Tony Estanguet, the head of the Paris olympics Organizing Committee.
The investigation by magistrates specialized in financial crimes began “last week” and will look into the manner in which Estanguet receives his pay as chief executive of the organizing committee, the source said on condition of anonymity.
Estanguet is paid €270,000-euro per year before-tax, with possible bonuses amounting to another 20 percent, according to the last publicly available figures for his salary.
According to a report in October last year, Estanguet allegedly uses his own company to bill the organizing committee monthly, instead of drawing a salary.
The arrangement is to avoid a salary cap imposed on charities with the same status as the organizing committee.
Financial investigators have been zeroing in on the many hundreds of business contracts that Olympic Organizers have signed as they race to prepare the French capital for 10,500 athletes and millions of spectators this summer.