Balance sheet shifting: Ex-Vivendi boss Messier in court
Jean-Marie Messier, the former head of the now-split media conglomerate Vivendi-Universal, is facing legal charges. On Wednesday, he was charged with spreading false information, stock price manipulation, and breach of trust at the Paris Criminal Court.
During the stock market and internet boom at the turn of the century, the manager allegedly lied to his shareholders about the high level of debt following the takeover of the Canadian media group Seagram and bought up massive amounts of shares in his own company in contravention of the applicable regulations. At the end of the 1990s, Messier transformed the former water supplier into a media group through acquisitions, including the famous Universal film studios. The resulting debts of 35 billion euros brought the group to the brink of insolvency. Messier was dismissed in July 2002.
The trial is scheduled to last until June 25. Jean-Marie Messier - known as J2M for short in France - faces up to five years in prison and a heavy fine. However, the Paris public prosecutor's office had actually wanted to close the case. However, the investigating judge in charge, who has the final say, insisted on a trial.
In addition to Messier, five other former Vivendi Universal managers and a financial advisor have now been charged in Paris. Vivendi Universal had to embark on a tough austerity course after the Messier era. Following the sale of its film and entertainment division, the group is now known simply as Vivendi. Its areas of activity are mobile telephony, pay TV, music and video games.
The trial is scheduled to last until June 25. Jean-Marie Messier - known as J2M for short in France - faces up to five years in prison and a heavy fine. However, the Paris public prosecutor's office had actually wanted to close the case. However, the investigating judge in charge, who has the final say, insisted on a trial.
In addition to Messier, five other former Vivendi Universal managers and a financial advisor have now been charged in Paris. Vivendi Universal had to embark on a tough austerity course after the Messier era. Following the sale of its film and entertainment division, the group is now known simply as Vivendi. Its areas of activity are mobile telephony, pay TV, music and video games.
