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Citation : ROUNDUP Iliad plunges 10 pct as chairman accused of controlling prostitutes
14:51:09 - 28/05/2004


PARIS (AFX) - Shares in Iliad, France's second biggest internet srvice
provider, plunged 10 pct after chairman and majority shareholder Xavier Niel was
arrested and placed in custody on charges of controlling prostitutes and of
embezzlement.
Niel, remanded in prison after 48 hours of police custody, is alleged to
have invested in a "peep show" in Paris and two in Strasbourg which were used as
fronts for prostitution, the prosecutor's office said.
He is also accused of having embezzled money which should have gone to the
companies running the peep shows.
Iliad said: "This legal procedure concerns a private matter of Mr Niel and
does not involve any other group executive."
Niel, 36, has made his career in telecommunications and the internet,
creating and then selling a number of companies including adult Minitel sites.
At 2.50 pm, Iliad shares were down 10.24 pct at 18.59 eur while the CAC-40
index was down 0.49 pct at 3,661.40.
Iliad claims its Free internet service is France's second biggest after
France Telecom unit Wanadoo. It also operates in the fixed-line telecoms market
via its One.Tel and Kertel units and employs a total of 520 people.
Set up in 1991, Iliad was floated on Jan 30, the first new listing on the
main market of Euronext Paris since Autoroutes du Sud de la France in March
2002.
The shares were listed at 16.30 eur per share following the sale of 13.31 pc
t of capital for 104.32 mln eur in an initial public offering.
Iliad said its management board, which met last night, feels the company's
organisation around chief executive Cyril Poldatz allows Iliad to continue its
development within the current strategic plan.
Deputy chief executive Michael Boukobza said Niel's arrest will have no
affect on the company's business plan up to 2007.
"If you ask me the impact of Xavier Niel's disagreements (with the law) on
group strategy, there isn't any," Boukobza told Agence France-Presse.
"Up to 2007, I have no queries" about the group's previously-announced road
map, he said.
"Iliad is not threatened" by the arrest of Niel. "The other managers have
not been seen nor questioned," Boukobza said.