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In 1977 Auchi founded his main firm, General Mediterranean Holding (GMH) based in Luxembourg, with $2.5m.

“In 1980 when the war started between Iraq and Iran, I decided it was time to leave the country,” he said.

Auchi’s big break came in 1981, when he made the first of several deals that profited from political uncertainty but which also landed him in controversy.

When the socialists took power in France, they ordered banks to pass all information on the accounts of their customers to the government. In response, GMH bought a bank in Luxembourg in conjunction with the French bank Paribas, enabling it to set up accounts for wealthy customers away from the prying eyes of the French authorities. Auchi made more than $140m from the deal.

However, another French business deal was to become his biggest headache. In late December 1990, Auchi was contacted by Elf, the oil company, which “wanted his help”. Kuwait was occupied by Saddam and was urgently selling assets, including a Spanish oil refinery, to fund the war.

To buy the refinery, Elf needed EU approval, which could take months, but the Kuwaitis needed a deal within days. Therefore, Auchi was asked if he would buy the refinery and give Elf an option to buy at an agreed price when approval was given.

“After buying the refinery I was approached by other oil companies offering far more, but I stuck to the deal with Elf,” said Auchi. “At the time, Elf was a government company. I was invited to breakfast at the Elysee and received thanks from President Francois Mitterrand.”

When the deal was completed, Auchi says he was asked to pay money into an account he was told belonged to Elf. The payment was to cover interest on a loan.

Auchi thought little more of it until 1998, when a French judge wanted him to be a witness in a corruption case against Elf executives.

“I said that I am in London but you are welcome to come here to collect my statement,” said Auchi. “I discovered they can arrest witnesses in France and keep them in jail — which is why I was concerned.

“My legal team sent him a letter. When he received that letter he seems to have gone mad and I went from a witness to an accused person. The next thing I knew an international arrest warrant had been issued.”

Auchi finally agreed to go to France and was last year given a 15-month suspended jail sentence and £1.5m fine for making improper payments — bribery. He has lodged an appeal.

Since being convicted in France, Auchi’s problems have mounted. In Britain, a drugs company he took over, Regent GM, is being investigated for suspected price fixing. He made a “strategic investment” in the company and. later, his daughter joined the management.

“My daughter instigated the investigation once she took over the management of the firm,” said Auchi. “She informed the authorities because she had a number of concerns.

“She is the main witness. But we are still being blamed in the newspapers.”

Now, in America, Auchi is being accused of profiteering from the reconstruction of Iraq.“I am not doing business in Iraq. It is too risky,” he said. “I am interested in the future, but not yet.

“Everyone says I sympathise with the previous regime. But the Elf deal helped Kuwait fight against Saddam. Unfortunately, prosecutors and newspapers like scandal so it is much better if I am seen as a supporter of Saddam’s regime even though I never have been.”