BusinessCompany NewsEx-Vivendi chief’s pay frozen under Sarbanes-Oxley

Ex-Vivendi chief's pay frozen under Sarbanes-Oxley

The US financial watchdog has used the powers granted to it under the Sarbanes-Oxley Act to freeze a controversial payment by Vivendi Universal to its former boss.

Link: Sarbanes-Oxley Act special report

The Securities and Exchange Commission has asked a court to block the £14m payment of compensation to Jean-Marie Messier who left the company last July after being blamed for much of it financial troubles.

Earlier this week another US court ordered Vivendi to give Messier the termination pay-off that is specified in his contract, but the SEC has argued that this payment should not yet be given as the company is still under investigation in the US over its accounting and reporting practices.

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