Technology

Vivendi shares suspended following accounting scandal

Shares in Vivendi Universal have been suspended following newspaper allegations that the company attempted to add E1.51 billion in profits to its 2001 accounts. Vivendi is accused of trying to break accounting regulations by registering the sale of a stake in BSkyB. The misdemeanour was spotted by financial watchdogs.

CBR Staff Writer July 3, 2002

The newspaper revelations caused the value of Vivendi’s shares to fall 38% on the Paris stock exchange. The company’s shares had already lost 64% of their value since the beginning of this year after investors criticized the company’s management for its confused strategy and unexplained disposals. The culmination of all of these events has forced the Vivendi CEO, Jean-Marie Messier, to leave the company.

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