The CEO of Casino Group, a retail and distribution company through major supermarkets, has been arrested by French police for investigation into stock price manipulation, opaque securities trading and bribery.
AFP news agency quoted a source as saying that on June 1, French police arrested Jean-Charles Naouri, CEO of the Casino Group, which specializes in retail and distribution of goods through large supermarkets. The arrest took place within the framework of an investigation into stock price manipulation, non-transparent securities transactions and bribery.
According to the above source, Mr. Naouri is currently being detained in Paris while authorities investigate the relationship between this CEO and financial journalist Nicolas Miguet - who has repeatedly tried to run for President of France.
The charges against Mr. Naouri relate to crimes committed in 2018 and 2019. Authorities began investigating in 2020. Authorities searched the headquarters of Casino Group as well as the CEO's home in May 2022. His lawyer has not yet responded to the above information.
According to Le Parisien, the Casino Group paid more than 800,000 euros ($857,000) to several companies run by the journalist. The French financial markets regulator (AMF), which filed the complaint, suspects that Mr. Miguet received the money because he repeatedly promoted Casino stocks in his articles. The Casino Group said the legal investigation was based solely on a “meeting with a former Casino adviser” and denied all allegations.
CEO Naouri's detention comes after a Paris court ruled on May 26 that Casino needed to enter into mediation proceedings with its creditors before restructuring its debt.
The group is currently "burdened" with a debt of 6.4 billion euros by the end of 2022.
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