Friday, January 21, 2011

Bronfman convicted in Vivendi probe (500th Post)

Bronfman convicted in Vivendi probe
CBC News

Edgar Bronfman Jr. has been convicted for misleading investors during his time at Vivendi. (Eric Thayer/Reuters)

A French court has convicted onetime Warner Music CEO Edgar Bronfman Jr. for "transmitting false or misleading information" during his time as an executive at the former Vivendi conglomerate. Montreal-born Bronfman and other former executives faced charges of misleading investors about the company's financial health while adding billions of dollars of debt to its bottom line in transforming the once-stodgy water utility into a high-flying film, music and pay TV giant.

The court has fined Bronfman $6.7 million for his role in the debacle. He was also given a 15-month suspended sentence.The court also convicted former high-flying Vivendi CEO Jean-Marie Messier of misusing company funds and handed him a three-year suspended prison sentence.

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