French media group Vivendi has come under sharp criticism from French financial investigators for its accounting practices
Accountancy Age, 02 Jan 2008
French prosecutors have received a report from financial investigators which sharply criticise the French media and communications giant Vivendi Universal's accounting practices under former CEO Jean-Marie Messiere, according to Agence France- Presse.
The report, which accuses Vivendi of ‘aggressive’ bookkeeping involving ‘sophisticated legal and financial engineering’ has been turned over to financial prosecutors Henri Pons and Jean-Marie d'Huy.
Messier, forced to leave Vivendi in 2002, was fined €1m by the French stock market regulator in 2005 for having failed to properly inform the market and shareholders between 2000 and 2002.
The fine was reduced to €500,000 on appeal and a €1m fine for Vivendi was reduced to €300,000.
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