Embezzlement-accused French media scion reinstated as CEO [Yahoo! Finance]
VIVENDI SE UNSP/ADR (VIVHY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance
Lagardere, who sold the firm built by his father to media giant Vivendi in November, had been temporarily barred from holding management positions over alleged misuse of corporate funds at some of his companies not belonging to Lagardere group. Now he has secured the "partial lifting of the ban measure" in a court ruling, Largardere SA said in a statement. A judicial source confirmed to AFP that the 63-year-old is within his rights to return to the top seat, despite being charged with embezzlement. It was "a very great joy for me to resume as chief executive of the group that bears my name," Lagardere himself said in the statement. As well as thanking other company chiefs, he added a special note of gratitude to "our shareholders, and particularly the largest among them, the Bollore family". Billionaire Vincent Bollore, owner of a news station dubbed France's Fox news among other conservative outlets, controls Lagardere SA's owner Vivendi and is a close friend of Lagardere
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