Former French president Sarkozy wants probe into 2007 financing dropped

Former French president Nicolas Sarkozy wants authorities to drop an investigation into alleged illegal financing of his 2007 campaign by the regime of late Libyan leader Moammar Gadhafi, after a central accuser backtracked on claims that he had handed Sarkozy's team suitcases of Libyan cash.

Sarkozy, who denies wrongdoing, has been given preliminary corruption charges in the case, under investigation since 2013.

In a visibly emotional interview, Sarkozy told BFMTV he was "stupefied" by the recent course of events.

He complained that he'd "been dragged through the mud" for the "past eight years based solely on the testimony of one individual who lied".

The probe gained traction when French-Lebanese businessman Ziad Takieddine told news site Mediapart in 2016 that he had delivered suitcases from Libya containing five million euros (USD 6.2 million) in cash to Sarkozy and his former chief of staff.

On Wednesday, Takieddine reversed course, telling BFMTV: "It's not true. Mr Sarkozy did not receive financing ... there was no financing of Sarkozy's presidential campaign."

Sarkozy released a statement on social networks saying: "The truth is emerging at last ... he never gave me money, there was never illegal financing of my 2007 campaign".

Sarkozy said he would ask investigators to drop the charges against him, and sue Takieddine for defamation.

Investigators are examining claims that Gadhafi's regime secretly gave Sarkozy 50 million euros (USD 59 million) overall for his winning 2007 French campaign.

The sum would be more than double the legal campaign funding limit at the time, 21 million euros (USD 24.8 million).

In addition, the alleged payments would violate French rules against foreign financing and declaring the source of campaign funds.

Sarkozy's relationship with Gadhafi was complicated.

In 2007, Sarkozy welcomed Gadhafi to France with high honors. Sarkozy then put France in the forefront of NATO-led airstrikes that helped rebel fighters topple Gadhafi's regime in 2011.

Sarkozy and Takieddine have faced other legal troubles.

The former president faces trial later this month in an unrelated corruption case.