BusinessCompany NewsReport slams Vivendi’s accounting practices

Report slams Vivendi’s accounting practices

French media group Vivendi has come under sharp criticism from French financial investigators for its 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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