Casino confirms price manipulation probe by French financial prosecutor

(Reuters) - French supermarket group Casino on Thursday confirmed that it is the subject of a preliminary investigation by France's national financial prosecution office over charges of price manipulation and corruption dating back to 2018 and 2019.

Casino has not yet been referred to a criminal court, the company said in a statement.

In March last year, the national financial prosecutor first revealed details of the investigation being launched in February 2020. The probe was launched after the prosecutor's office was alerted by France's AMF market watchdog, a source had told Reuters.

Separately in June last year, the prosecutor's office said that Jean-Charles Naouri, the former head of Casino, was being questioned by police as part of the investigation.

Casino which has been plagued for years by hefty debt has been attempting a turnaround through job cuts and an overhaul of its top brass. The company's net debt at end of March 2024 was 1.6 billion euros ($1.74 billion), compared with 6.2 billion euros at the end of December 2023.

($1 = 0.9177 euros)

(Reporting by Kanjyik Ghosh in Bengaluru; Editing by Sandra Maler)