BusinessBusiness RecoveryProbe launched into Vivendi accounts

Probe launched into Vivendi accounts

The former chief executive of Vivendi Universal is facing a legal probe following allegations of accounting irregularities at the troubled French media giant.

Link: Vivendi defends accounting practices

The investigation, undertaken by the public prosecutor’s office in Paris, comes after complaints made by a small shareholder’s group, which has complained about the 2000 and 2001 accounts, according to the Financial Times.

The inquiry comes following a civil complaint by the small shareholders group APPAC in July. The group launched a class action lawsuit against the company and Messier in the US alleging they misrepresented Vivendi’s financial position.

Messier resigned last June, when the company warned it was facing £12bn in debt. Vivendi’s shareprice has taken an 80% dive since the beginning of the year.

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