Jun 1, 2023
French Retailer Casino’s CEO Questioned in Share Price Manipulation Probe
Bloomberg News
,(Bloomberg) -- Casino Guichard Perrachon SA’s chief executive, Jean-Charles Naouri, was being questioned by financial police on Thursday as part of an investigation into allegations of share-price manipulation and insider trading.
The probe is focused on events that took place in 2018 and 2019, the financial prosecutor’s office said in an e-mailed statement. Naouri’s questioning was reported earlier by Agence France-Presse.
Shares in debt-laden Casino fell as much as 9.5% and hit a record low on Thursday. The stock was 4.9% lower at 1:07 p.m. in Paris.
A spokesperson for Casino declined to comment on the matter.
The retailer entered a court-supervised debt restructuring process known as conciliation last week after it tried for years to fix its bloated balance sheet with asset sales.
Read more: Kretinsky’s Casino Plan Spares €4 Billion Senior Creditors (1)
--With assistance from Angelina Rascouet.
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