Michel Ohayon, a businessman based in Bordeaux, has been indicted in Paris for bankruptcy, abuse of corporate assets, and organized fraud, amid allegations that he misappropriated funds from struggling brands including Go Sport, Gap France, and Camaïeu.

Ohayon, who made his fortune in real estate before establishing a brief commercial empire, was also placed under judicial supervision, which includes a prohibition from managing any company and a requirement to post a €500,000 bail.

Ohayon's lawyer, Olivier Pardo, claimed that his client had injected over €68 million of his personal wealth into these companies, arguing that he did not enrich himself but rather faced losses while attempting to save a retail sector in France that has faced unprecedented crises.

Pardo emphasized that the allegations deny the functioning of a group of companies and promised to demonstrate the responsibilities of others involved.

Additionally, Ohayon’s wife has also been indicted in this case.

Other individuals detained earlier in connection with the investigation have been released without charges.

According to the Paris prosecutor's office, investigations revealed significant withdrawals of cash resources from various companies that Ohayon controls, lacking any economic or legal justifications, in the context of their strained financial situations, which reportedly contradicts their social interests.

The prosecutor's office indicated that these actions were concealed in accounting records and justified by fictitious legal operations, estimating that the amount derived from these alleged offenses exceeds €50 million.

The financial difficulties of Camaïeu, Gap, Go Sport, and La Grande Récré, brands that Ohayon had recently acquired, have drawn attention since the liquidation of Camaïeu in September 2022, which resulted in the loss of 2,600 jobs.

Following this, both Gap France and Go Sport entered judicial reorganization shortly thereafter.

Ohayon’s holding company, Financière immobilière bordelaise (FIB), responsible for his investments, was reported to be in cessation of payments in 2023, with liabilities totaling €500 million.

The group Celio has since acquired Camaïeu, while the other retail chains have been taken over by competitors during commercial court proceedings.

Currently, Ohayon retains only about twenty Galeries Lafayette stores in provincial locations.

The prosecutor's office has asserted that the judicial reorganizations of Camaïeu, Gap, and Go Sport were significantly influenced by these suspect financial transactions.

Ohayon is under suspicion of having diverted money from these brands for personal purposes or to benefit another company in which he had direct or indirect interests.

The allegations include a transfer of at least €36.5 million from Go Sport to another of his companies, Hermione People and Brands (HPB), which allegedly led to Go Sport's payment cessation, as well as depleting Camaïeu's funds by €41.3 million in just September 2021. Additionally, the prosecutors in Lille, Grenoble, and Bordeaux had transferred relevant complaints, which arose mainly from auditors and whistleblowers at the end of 2022 and early 2023, to the National Jurisdiction against Organized Crime (Junalco) concerning suspicions of misappropriations affecting Gap, Camaïeu, Go Sport, and Campus Academy.

Over 300 former employees of Camaïeu have initiated a civil liability action against four companies within Ohayon's corporate group, including FIB and HPB.