French shipping billionaire slams lawmakers’ windfall tax plan

CMA CGM is under political pressure in France to share some of its extraordinary profits to counter inflation. At a hearing in a French Senate Wednesday, CEO Rodolphe Saade opposed a windfall tax plan. “When my freight rates were at USD 350, where were you?” he asked senators.

Photo: Ng Sor Luan/AP/Ritzau Scanpix

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.”

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