The founder of the Provalliance group was placed under judicial supervision “with a deposit set at several hundred thousand euros,” said the Nanterre prosecutor’s office.
French hairdresser Franck Provost was indicted for “misuse of corporate assets ” and “organized gang money laundering of aggravated tax fraud“, The Nanterre prosecutor’s office said Thursday in a statement to AFP. Since this indictment, which took place on Tuesday during his presentation to an examining magistrate in Nanterre, the founder of the Provalliance group has been placed under judicial supervision “with a deposit set at several hundred thousand euros“, Specified the Nanterre public prosecutor’s office.
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According to the prosecution, “several reports” have been “transmitted by the tax authorities in 2017 concerning the use of fraudulent cash register software to divert cash receipts from a network of hairdressing salons“.
The 75-year-old businessman is also indicted for “provision of equipment and programs to commit offenses and breaches of automated data processing systems“. Contacted by AFP, the lawyer for the Provalliance group did not respond immediately Thursday morning.
Facts ranging from 2001 to 2021
A preliminary investigation was opened and entrusted to the National Brigade for the Repression of Fiscal Crime of the Central Office for the Fight against Corruption and Financial and Fiscal Offenses (OCLCIFF). The investigation relates to facts ranging from 2001 to 2021. On April 9, an opening of judicial information had given rise to the indictment of the administrative and financial director of the group.
It relates in particular to the offenses of “abuse of corporate assets and complicity, breach of trust, tax fraud and complicity, organized gang money laundering of aggravated tax fraud, illegal exercise of the accountancy profession, possession, offer, provision of equipment and programs to commit offenses and breaches of automated data processing systems“.
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Provalliance is the number one in the hairdressing sector in Europe. Founded by the French hairdresser Franck Provost, the group owns 17 brands including the star brands Franck Provost, Jean-Louis David and Saint-Algue, and relies on a network of nearly 3,000 salons located in 35 countries. The group was bought out at the start of the year by a Brussels-based investment fund, Core Equity.
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