The National Financial Prosecutor’s Office and the Nice judicial police have raided eight locations in Nice, its surrounding region, and the Paris region as part of an investigation into potential financial irregularities concerning the public-private partnership (PPP) of the city’s grand stadium.
A preliminary investigation was launched last January following a report by the regional chamber of accounts (CRC) of Provence-Alpes-Côte d’Azur (PACA). The CRC indicated that the awarding of the Allianz Riviera PPP raised “questions.”
The investigation is being conducted by the prosecutor of the National Financial Prosecutor’s Office, following a referral by the Regional Chamber of Accounts. Several documents have been seized, and the individuals involved in the case may soon be interviewed.
“The judicial police, at the request of the National Financial Prosecutor’s Office, are currently seizing documents related to the public-private partnership (PPP) of Nice’s grand stadium,” confirmed the city of Nice in a statement.
Inaugurated in 2013, the Allianz Riviera is managed by a subsidiary of the Vinci group. Built in the Var plain by Vinci, the stadium cost 243 million euros, including 69 million in public subsidies, and the public-private financing model commits the city to pay an annual fee of 8 million euros for 27 years, with Vinci responsible for the maintenance and upkeep of the venue.
However, it remains to be seen what will emerge from these raids, whether at the town hall, at the headquarters of the Nice Côte d’Azur metropolitan area, or in Vinci’s Paris offices.
The examination of the seized documents will provide an initial insight into the facts and any possible involvement of the main parties. The city of Nice has now declared itself a civil party in case of any breaches of law.
Certainly, there is no smoke without fire, but in this case, we must closely watch the color of the smoke…
by Morgan Piot
