Sarkozy hit with fresh inquiry over election financing

Legal woes surrounding former French president Nicolas Sarkozy mounted on Monday following a revelation that a fresh investigation is looking into the financing of his failed 2012 re-election bid.

Former French president Nicolas Sarkozy on July 2, 2014. REUTERS/Gonzalo Fuentes

This latest probe launched on July 2 is looking into whether Sarkozy should have footed the bill for his financial penalties paid by his UMP party, according to judicial sources reported by AFP.

This latest legal hurdle follows a string of charges and a 15-hour ordeal last week that saw the former president quizzed by an investigative panel.

France’s electoral financing watchdog (CNCCFP) refused to validate Sarkozy’s campaign accounts and two other investigations have come out of his 2012 presidential bid.

The CNCCFP ruled that Sarkozy’s campaign had gone over the 22.5 million euro ceiling and ordered him to repay the more the 363,600 euros doled out as well as a 153,000 advance from the state.

Sarkozy’s UMP party was also barred from reclaiming 10.6 million euros of election expenses from the state after the ruling was held up in July 2013 by the Constitutional Court.

With the party’s finances in shambles, Sarkozy spearheaded a fundraising drive – dubbed the “Sarkothon” – and was able to clear up the debts by that September.

But, the party’s auditors flagged up the move as a possible breach of trust when they approved the party’s accounts at the end of June this year.

The preliminary investigation was opened just hours after Sarkozy was slammed with charges connected to his victorious 2007 presidential campaign last week.

He was charged with a suspected attempt to peddle in legal proceedings related to the alleged illicit funding from France’s richest woman for his presidential bid.

The case has embroiled ten individuals currently awaiting trial while a separate probe is looking into whether the late Libyan dictator Moamer Kadhafi funnelled secret funds into the 2007 campaign.

Sarkozy has fervently denied all wrongdoing in all of the charges lodged against him and has pointed blame at the Socialists, saying it’s a political plot to torpedo a comeback before the 2017 campaigns.

Prime Minister Manuel Valls has denied any government involvement in his legal troubles.