Alexandre Rodriguez, the former chairman of French luxury yacht builder Rodriguez Group, was released from a French prison on July 29 on a €1.5m bail, according to reports in the French press.

Rodriguez had been held by French authorities since June 9 on suspicion of money laundering and associating with criminals. His arrest, which took place aboard a yacht, was part of an operation targeting organised crime in Marseilles.

Rodriguez resigned from his position as chairman of the Rodriguez Group on June 15.

A total of 15 people were arrested as part of the investigation.

The Rodriguez Group builds custom yachts up to 50m (165ft) under the Mangusta brand. Its headquarters are in Cannes.