The chief executive of France Telecom will be held for a further 24 hours according to reports by Reuters. Stephane Richard has been held for questioning in Paris since Monday.
Richard is being detained in relation to a €400m (£340m) payout to businessman Bernard Tapie in 2008, when Richard worked for the French treasury.
Tapie, a prominent supporter of ex-French President Nicolas Sarkozy, was awarded the payout after claiming he had been defrauded during his sale of Adidas in 1992. However, France’s socialist opposition said the payout had been inflated to thank Tapie for his support of Sarkozy in 2007’s election.