Business Services Industry
French Police Hold Former Boss of Media Group Vivendi in Financial Probe.
Knight Ridder/Tribune Business News, June, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Jun. 22--The former boss of French media group Vivendi Universal has been held in police custody for up to 48 hours as part of a widening probe into financial irregularities.
Jean-Marie Messier is being quizzed over his involvement in Vivendi's purchase of 21 million of its own shares to prop up its price after the September 11 attacks.
He allegedly also sold shares worth UKpound 10 million in December 2001 -- a month before a major share placing to cut Vivendi's debts.
As chief executive, Messier launched a buying spree to transform Vivendi from a regional water company to a media conglomerate.
He was pushed out two years ago after Vivendi almost collapsed with...
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