French supermarket group Casino faces a preliminary investigation for price manipulation and corruption charges dating back to 2018 and 2019.
Bollywood Fever: French supermarket group Casino confirmed on Thursday that it is the subject of a preliminary investigation by France’s national financial prosecution office over allegations of price manipulation and corruption from 2018 and 2019. The company has not yet been referred to a criminal court.
The national financial prosecutor revealed details of the investigation in March last year, having launched the probe in February 2020. The investigation was initiated after France’s AMF market watchdog alerted the prosecutor’s office, according to a source reported by Reuters.
In a separate development in June last year, Jean-Charles Naouri, the former head of Casino, was questioned by police as part of the investigation.
Casino, burdened by significant debt for years, has been attempting a turnaround involving job cuts and a leadership overhaul. As of the end of March 2024, the company’s net debt was 1.6 billion euros ($1.74 billion), a significant reduction from 6.2 billion euros at the end of December 2023.
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