Bolloré: under investigation in Guinea and Togo
(CercleFinance.com) - The Bolloré Group announced at lunchtime on Tuesday that one of its subsidiaries is currently subject to an investigation relating to invoices for communication services in Guinea and Togo over the years 2009 and 2010.
This follows a complaint by a former employee who was sentenced for misappropriation of assets to 3 years and 9 months of imprisonment and about 10 million euros in damages.
The Bolloré Group formally denies that its then-subsidiary SDV Africa has committed irregularities. The company says that the services relating to these invoices were carried out in a completely transparent way and that the hearing of its managers will provide useful insights into justice on these issues, which have been subject to an independent expert's report, who concluded that the transactions were regular in all respects.
In the immediate future, the share has been hammered in the market, down over 7% at lunchtime today. This fall is also due to the information published by other sources by which Vincent Bolloré, who is also the largest shareholder of Vivendi, has been summoned to the judicial police station in Nanterre and is currently in custody.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
This follows a complaint by a former employee who was sentenced for misappropriation of assets to 3 years and 9 months of imprisonment and about 10 million euros in damages.
The Bolloré Group formally denies that its then-subsidiary SDV Africa has committed irregularities. The company says that the services relating to these invoices were carried out in a completely transparent way and that the hearing of its managers will provide useful insights into justice on these issues, which have been subject to an independent expert's report, who concluded that the transactions were regular in all respects.
In the immediate future, the share has been hammered in the market, down over 7% at lunchtime today. This fall is also due to the information published by other sources by which Vincent Bolloré, who is also the largest shareholder of Vivendi, has been summoned to the judicial police station in Nanterre and is currently in custody.
Copyright (c) 2018 CercleFinance.com. All rights reserved.