Report slams Vivendi’s accounting practices
French media group Vivendi has come under sharp criticism from French financial investigators for its accounting practices
French prosecutors have received a report from financial investigators which
sharply criticise the French media and communications giant
Universal‘s accounting practices under former CEO Jean-Marie Messiere,
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.