Skip to content

French Shipping Billionaire Slams Lawmakers’ Windfall Tax Plan

  • CMA CGM CEO touts patriotism amid threat of new levy
  • Saade speaks about pandemic demand surge at Senate hearing
Rodolphe Saade
Rodolphe SaadePhotographer: Christophe Morin/Bloomberg

The billionaire head of shipping giant CMA CGM SA pushed back against a plan by some French lawmakers for a windfall tax on excessive corporate profits to fund measures to soften the impact of inflation on households.

“We are putting money on the table and it’s not only charity. We are helping consumers,” Chief Executive Officer Rodolphe Saade told a French Senate hearing Wednesday in Paris. “What I want is that we stop looking at CMA CGM and we start looking at my competitors.”