French market watchdog denies protecting minister

0 Comments | AFP, January, 2006

PARIS (AFP) — The French stock market regulator AMF vigorously defended itself, calling reports that it had censored the findings of an investigation to protect French Finance Minister Thierry Breton "blatant calumny".

AMF (Financial Markets Authority) has faced accusations that it modified the findings of its probe into accounting irregularities at French chemicals group Rhodia after Breton, who had served as chairman of the company's audit committee, was named finance minister.

"The AFM formally denies allegations which appeared in the press according to which the authority had 'cut passages' that could have hindered Thierry Breton," the watchdog said in a statement issued in Paris.

Warning of legal action to protect its reputation, the AMF added: "Faced...