Casino chief executive in custody over corruption claim

Casino CEO Jean-Charles Naouri is being questioned by police in a corruption case. The CEO of the French supermarket group has been taken into custody. Investigation into the case has been ongoing since 2020.

Buy recommendations for 800,000 euros

In a preliminary investigation into share price manipulation, corruption and insider trading, Casino’s 74-year-old CEO has been taken into custody for questioning. The French prosecutor’s office confirmed this to the press on Thursday.

The investigation concerns Casino’s share price in 2018 and 2019. During that period, the CEO allegedly paid more than 800,000 euros to various companies owned by populist financial analyst Nicolas Miguet. In exchange, Miguet, who has run for French presidency on several occasions and is strongly anti-tax, would have issued buy recommendations for Casino shares in his financial newsletters.

Just one meeting

At least that is what the French market regulator AMF, which filed the complaint, suspects. The investigation started back in February 2020, but in May last year searches took place at the supermarket group’s headquarters and Naouri’s home. However, Casino claims that the legal investigation is solely based on a meeting with a former adviser of the supermarket group and denies the allegations.

Naouri is already under pressure because of high levels of debt at Casino. The retailer is currently sitting around the table with its creditors: the Paris commercial court opened a mediation procedure last week. At the same time, Casino announced expanded cooperation with rival Intermarché.