Paris court freezes €1m paid by Sipromad in failed Africanews takeover
The outcome of the €1m dispute pitting Sipromad against Euronews over the failed acquisition of Africanews should be known by the end of July.
TV news channel Euronews is not in great shape, particularly after the failed sale of Africanews. The European Commission plans to reduce its subsidy and the various loans from majority stakeholder Naguib Sawiris have not been enough to make the company self-sufficient.
With his Franco-Malagasy nationality, his Karana Indian origins, his Italian wife and Indian overseas citizenship, Ylias Akbaraly is a businessman with an international outlook. He was trained by his father, who was born as he was in Madagascar and who founded Société Industrielle des Produits de Madagascar (Sipromad) in the 1970s.