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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Ageing L'Oreal heiress defends billion-dollar giveaway AFP - Friday, December 19 PARIS (AFP) - - France's richest woman, L'Oreal heiress Liliane Bettencourt, has been forced to insist she is of sound mind after she gave more than a billion dollars in gifts to a society photographer. The top shareholder in the global cosmetics empire with a personal fortune estimated by Forbes magazine at 23 billion dollars, the 86-year-old Bettencourt is one of the world's richest women and a well-known patron of the arts. She has also, it emerged this month, donated a sizeable chunk of her vast fortune to Francois-Marie Banier, a Parisian artist and photographer to the stars and a long-time family friend of the Bettencourts. Over the past 15 years, the 61-year-old photographer received artworks, gifts and life insurance contracts worth a total of around a billion euros (1.45 billion dollars) from his elderly friend. Terrified of seeing the family billions frittered away, Bettencourt's only child, Francoise Bettencourt-Meyers, filed suit early this month accusing Banier of manipulating her mother. Bettencourt-Meyers, 55, who also sits on the L'Oreal board, accuses Banier of "abuse of a vulnerable person," insisting her mother -- known as a strong character -- cannot have meant to throw away such a vast sum. Her lawyer said she was "forced to take legal action to make sure an unscrupulous individual had not taken advantage of her mother, profiting from acts of generosity that are surprising, to say the least." French fraud investigators are close to wrapping up their probe, after interviewing family members and the photographer, and will shortly decide whether to press charges, judicial officials said. According to officials, Bettencourt has so far refused to undergo a mental health exam. If judges decide to pursue their investigation, they will be able to order a psychiatric expertise with or without her consent. A source close to the investigation described Bettencourt's state of health as "faltering." Mounting media attention to the dynastic battle forced Bettencourt's estate on Wednesday to issue a statement to friends and L'Oreal staff, insisting she was sound of body and mind. "Concerning recent reports in the press, Ms Liliane Bettencourt will make no comment. She does however wish to reassure her friends about her excellent state of health," it said. Bettencourt's estate said she was "well aware that these articles could alarm L'Oreal employees" and wished to reassure them. "She has long taken all necessary measures to allow the company to develop normally." Bettencourt, whose father Eugene Schueller founded L'Oreal in 1909, has long enjoyed the company of artists, and her Bettencourt-Schueller foundation has funded a range of films and art projects over the years, in addition to medical research and literacy projects. But the largest single donation recorded by her foundation was 12 million euros -- a far cry from the hundreds donated to Banier, according to French media. Bettencourt and her daughter -- her only child -- long worked hand in hand to manage the family's 30-percent stake in L'Oreal, and retain a controlling share in the world's number one cosmetics group. According to French media, the pair are no longer on speaking terms. Email Story IM Story Printable View Blog This Recommend this article Average (1 vote) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo A file photo taken on June 2008 at Marrakesh airport shows Parisian photographer François-Marie Banier. France's richest woman, L'Oreal heiress Liliane Bettencourt, donated a sizeable chunk of her vast fortune to Banier, a long-time family friend of the Bettencourts. Most Popular – Top Stories Viewed Actress Jennifer Aniston appears naked in GQ magazine 'Dark energy' expands, contracts universe: researchers US doctors hail near-total face transplant Dollar dives to 13-year low against yen after Fed cut Chrysler halts manufacturing as clock ticks on gov't bailout View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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