French billionaire pleads for law change to disinherit children

French billionaire Pierre-Edouard Sterin, who has stirred controversy over his right-wing politics, is pleading with lawmakers to modify rules so he can disinherit his five children, saying he prefers to give his fortune to charity.

“I would like to give my entire estate to philanthropic causes,” the businessman told senators on Thursday during a public hearing, noting that under French law three quarters of his assets would have to be passed down to his offspring. “I’m in favour of being able to do whatever one wants to do with one’s patrimony.”

French succession rules stem in part from Napoleonic law and include so-called forced heirship, whereby children are protected and assets generally cannot be passed down according to a person’s will. It is a common concept in civil law jurisdictions across Europe, but not in places such as the US and England.

Sterin made his appeal before a committee examining private sector financing and influence on public policy making. His appearance via video link came a year after he had angered deputies in the country’s lower house, the National Assembly, for failing to show up for another hearing, citing death threats and security risks.

The 52-year-old tax exile, who lives in Belgium, has stoked intense debate in France in recent years over his backing of philanthropic and political outfits, some of which are linked to causes put forward by the far-right. Sterin said on Thursday that he hopes his actions will help put France on a more right-wing, economically liberal and conservative path.

He told senators he is “at the centre of the right”, but on immigration he was more extreme than the far-right National Rally, whose leaders Marine Le Pen and Jordan Bardella are leading in the polls ahead of next year’s presidential election. Sterin, however, has ties to the RN party via Francois Durvye, the former CEO of his family office Otium Capital.