Messier's Trial Opens in Paris by Magdalena Rosova

Eight years after Jean-Marie Messier was ousted from the presidency of Vivendi Universal, the media and communications giant, is now answering for his actions on trial in Paris. Messier, 53, came to court with his wife and will stand the trial with other six officials. Messier's leadership is charged of embezzled money. Messier became president of the firm in 2000 and with others tried to transform the former French water utility into a global media giant. Messier did not provide true information about the business and only in 2002 markets discovered that his company is €35 billion in debt. This revelation forced Messier to resign. The former leadership of the company! is facing three main charges. First is the providing of false or misleading information, then manipulation with stock-price and the third charge is the misuse of corporate assets. Messier will also have to explain €20.5 million he gave himself before he left the group. This “gift” was not approved by others directors. French stock market regulator gave Messier fine €1 million euros for giving false financial information about the company, later it reduced fine to €500,000. The court should make a decision by June 25. Messier faces five years in prison and a fine of €375,000 euros. Vivendi shareholders were those who pushed for serious criminal investigation against Messier's leadership. Last year there was a trial in New York against Vivendy for securities class action. Vivendi was found liable but Messier was exonerated of any guilt. Among the others officials facing the trial there is businessman Edgar Bronfman, former chief financial! officer Guillaume Hannezo, ex-treasurer Hubert Dupont-Lhotela! in, Fran çois Blondet, Eric Licoys and Philippe Guez.

related story (sgx17471): http://www.telegraph.co.uk/finance/newsbysector/mediatechnol...

by Magdalena Rosova for Cantell TV (http://cantell.tv)

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