Report slams Vivendi’s accounting practices

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.

Further reading:

Former Vivendi chief arrested