This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Bolloré SE entered into a judicial public interest agreement (CJIP) with the French National Financial Prosecutor's Office in July 2021, agreeing to pay a €12 million fine and implement a compliance program to resolve allegations of corruption. The investigation centered on the group's historic logistics operations in Africa, specifically concerning the bribery of foreign public officials. While the CJIP did not require an admission of guilt, it was predicated on the recognition of facts related to these corruption allegations.
In March 2025, a coalition of NGOs filed a criminal complaint in France accusing the Bolloré group of being at the heart of a "system of corruption" in Africa. The complaint alleges the company used corrupt practices to secure port concessions and other logistics contracts. This legal action, led by the French NGO Sherpa, extends the scrutiny beyond the settled case, framing the conduct as a repeated pattern to gain business advantages on the continent.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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