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Report slams Vivendi’s accounting practices

vivendi logo

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

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