Luc Besson’s 170 million-euro ($229 million) film hub in Paris, La Cité du Cinéma, may be put under investigation following a report by an audit court highlighting irregularities and possible embezzlement of public funds, reports Variety.
Launched in late 2012, the Cité du Cinéma is home to nine sound stages, covering 120,000 square feet, Besson's EuropaCorp company headquarters, two film schools, and various production companies.
The Cité du Cinéma was mainly financed by Nef Lumière — of which 75% is owned by the state-backed Caisse des dépôts et consignations (Deposits and Consignments Fund) and 25% belongs to Vinci Group, a privately-owned French concessions and construction company. Nef Lumière put down $189 million for the land purchase, while the remaining $40.4 million were provided by EuropaCorp, Besson’s holding company Frontline, Tarak Ben Ammar’s Quinta Communications and facilities provider Euro Media France.
A public group, the Caisse des Depots describes itself as “a long term investor serving general interest and the economic development of the country,” as well as backing “companies [contributing to] patrimony interests.”
The audit court, however, found that the Cité du Cinéma is only serving its own interests. The court document also emphasized the close ties of Besson’s right-hand man, CEO Christophe Lambert, with former President Nicolas Sarkozy, who was particularly outspoken about his wish to see the Cité du Cinéma materialise during his mandate.
Read more of this report from Variety.