Alexandre Rodriguez, president of French yacht builder the Rodriguez Group, is being held for questioning by French police following an operation concerning organised crime in Marseilles at the weekend.
A total of 21 arrests are understood to have been made in the Alpes-Maritimes region of France, according to reports in the French press. Arrests on Saturday took place on a yacht believed to belong to the Rodriguez Group.
Rodriguez is suspected of “associating with people believed to be criminals”.
The Rodriguez Group declined to comment. The group’s shares have been suspended from the stock exchange in anticipation of a statement from the company.
The Rodriguez Group exited a year of bankruptcy protection in April 2010. Last year Italian superyacht brand Leopard Yacht ended a 33-year collaboration with the Rodriguez Group.
With its head office in Cannes, the Rodriguez Group offers custom built luxury yachts and yachts up to 50m (165ft) under the Mangusta brand.