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French watchdog fines Rallye, its CEO for market manipulation

Reuters
·1-min read

(Reuters) -France's financial watchdog AMF has fined the holding company Rallye and its chief executive Franck Hattab for market manipulation, it said on Monday.

AMF issued a fine of 25 million euros against the holding company, which is the parent of the troubled supermarket chain Casino, and a 1 million euro fine against the CEO.

AMF in a statement said Rallye and Hattab had disseminated false or misleading information about the company's financial situation on eleven occasions between March 2018 and May 2019.

AMF said Rallye "gave investors a more favourable image of its liquidity situation than what existed," it added.

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That likely influenced market perception and set its stock at an artificial level, AMF said.

Casino is currently undergoing a restructuring process through court mediation, which will result in Czech billionaire Daniel Kretinsky taking over Casino and its 6.4 billion euros ($6.94 billion) debt being restructured.

(Reporting by PierreJohn Felcenloben; editing by David Evans and Deepa Babington)