PARIS (Reuters) -Prosecutors in the price manipulation and corruption trial of French supermarket group Casino and its former CEO, have requested a three-year suspended prison sentence and one-year
French Prosecutors Seek Suspended Sentence for Former Casino CEO
Overview of the Casino Corruption Trial
PARIS (Reuters) -Prosecutors in the price manipulation and corruption trial of French supermarket group Casino and its former CEO, have requested a three-year suspended prison sentence and one-year under house arrest for Jean-Charles Naouri.
Charges Against Former CEO
Prosecutors also asked on Thursday evening for Naouri, who led Casino for three decades, to be fined 2 million euros ($2.3 million) and the Casino group 75 million euros.
Prosecutors' Recommendations
"In this case, manipulation is evident at every level," the public prosecutors said.
Impact on Casino Group
Naouri, 76, has denied the charges against him. His lawyers could not be immediately reached for comment on Thursday's requests from prosecutors.
Next Steps in the Legal Process
Prosecutors allege that Naouri - who is accused of organised market manipulation and corruption - paid a publisher in 2018-2019 to release information defending Casino in a bid to bolster the share price, which had tumbled in 2018 due to concerns over its debt.
Prosecutors also allege that Naouri tried to spread speculation among business media that rival retailer Carrefour was considering a hostile takeover of Casino.
"The requisitions are not a ruling and these requests are not binding on the court," the Casino group said in a statement shared with journalists on Thursday evening after the hearing.
The verdict is expected a few months after a final hearing that will be held on October 22.
Naouri, who led Casino for 30 years, left the company last year, when it came under the control of a consortium led by Czech billionaire Daniel Kretinsky.
Casino Group, the company that owns Casino and Monoprix supermarkets, is also accused of corruption and price manipulation. In addition to Naouri, three other former company executives and the publisher Nicolas Miguet are standing trial.
Casino, which has launched a drastic restructuring, said in its Thursday statement that the prosecutors' requests "do not take into account the fact that the new Casino no longer has anything to do in terms of size, financial situation or governance" with the group led by Naouri. Its lawyers said they intend to seek "full acquittal".
The group, which also owns Franprix and Naturalia stores, said that it had sold 366 stores in 2024 and it planned to cut 3,200 jobs.
($1 = 0.8546 euros)
(Reporting by Florence Loeve; Writing by Dominique Vidalon; Editing by Emelia Sithole-Matarise)
