Sarkozy would be formally stepping down on Tuesday after handing over the reins of France to Socialist President-elect Francois Hollande. Sarkozy has indicated that he would retire from an active political career and would resume law practice.
Sarkozy owns a part in the law firm of Cabinet Arnaud Claude & Asoocies, which he founded with two associates in 1987. The firm presently employs around 20 lawyers and represents insurance companies, banks, real estate-developers, carmakers and local authorities and public bodies. However, loyalty of the clientele may be uncertain with Sarkozy losing his position as the President of France.
An ongoing probe into allegations that France’s richest woman Liliane Bettencourt gave illegal campaign donations to Sarkozy in his 2007 campaign continues to plague him though Mr. Sarkozy has repeatedly denied the allegations.
Sarkozy’s presidential judicial immunity would be officially ending on 16 June and he might have to appear before judges in relation with campaign-funding investigations. A judge is trying to establish whether Sarkozy’s campaign in 2007 received about 800,000 euros in brown envelopes from Liliane.
In another investigation, named the ‘Karachi Affair,’ judges are investigating whether kickbacks from French arms sales to Pakistan made its way to Sarkozy’s presidential campaigns. In another turn of events, the website Mediapart published a document that said Muammar Gaddafi, the former Libyan leader had agreed to fund Sarkozy’s election campaign. Sarkozy has sued Mediapart, but a judicial investigation has been opened on the issue.