There are two ways to get fresh air on the French Riviera: breathe normally, or move the taxable part of the business to Monaco.
On 10 March 2026, a Paris criminal court convicted Luc Pastorel, head of the Nice-based SOS Oxygène group, of organised tax fraud.
The group, active in home oxygen therapy, reported more than €578 million in turnover in 2025. Prosecutors said a Monaco subsidiary was used to divert millions and avoid French income and wealth taxes.
Nearly €12 million was reportedly removed from the French tax base between 2015 and 2017. The investigation involved both France’s National Financial Prosecutor and Monegasque authorities.
The case demonstrates the difference between lawful tax planning and criminal tax fraud. Establishing a company in Monaco is not itself illegal. The issue is whether the entity has real activity and whether income is allocated according to economic reality.
The organised element reflects the alleged coordination of several people or structures. In tax cases, the architecture often matters as much as the unpaid sum.
Because a conviction has been handed down, the case has moved beyond mere suspicion, although appeal rights may still affect the final judicial outcome.
The company supplied oxygen to patients. The tax structure supplied fresh air to the profits.
Key points
- Luc Pastorel was convicted in Paris.
- The offence was organised tax fraud.
- A Monaco subsidiary was central to the structure.
- Nearly €12 million was reportedly avoided.
- The investigation involved French and Monegasque authorities.
Magouilles & Compagnie verdict
Verdict: the offshore structure was not accepted as harmless optimisation; the court treated it as criminal tax fraud.
⚖ Your verdict Live
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📚 Sources
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