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Lagardère denies wrongdoing as Le Monde reveals judicial inquiry
The Lagardère group, Hachette Livre’s parent company, has denied any wrongdoing after a report published in French daily newspaper Le Monde that France’s National Financial Prosecutor has opened a judicial inquiry against the group for financial irregularities during its recent shareholder battle. According to Le Monde, issues being investigated include buying of votes and inaccurate accounts.
The prosecutor decided in April to take up the complaint filed by disgruntled shareholder Amber Capital in February, according to the report, published on Friday (23rd July). The case is now in the hands of an investigating magistrate.
Lagardère issued a statement on Saturday (24th), denying that the company had bought votes or committed any other offence or irregularity. “The company acts within the law and will vigorously defend itself against any contrary allegation,” it said. Its lawyers would take action against the press leak, which violates legal confidentiality, it added.
The development shatters the truce that was negotiated after months of shareholder quarrels between chairman and c.e.o. Arnaud Lagardère—whose personal debts has been an important factor—and critics Amber Capital and Vivendi, owner of Editis, the second largest French publisher.
An agreement to turn the Lagardère group into a joint stock company and for Arnaud Lagardère to give up his special controlling status in exchange for 10 million shares was reached in April and confirmed at the annual general meeting on 30th June.
