Lyonnais in probe

PARIS (Reuters) – The Paris public prosecutor opened a criminal probe Monday into suspected fraud at Credit Lyonnais in the early 1990s, justice sources said.

The move followed a request by Finance Minister Jean Arthuis for legal action against former top managers at the state bank, which saw massive losses in the early ’90s.

Arthuis said in August he wanted to bring former bosses – he gave no names – to justice for failing to control subsidiaries during runaway expansion in the late 1980s and early 1990s.

The French bank was a major lender in that period to several Hollywood companies, including MGM/UA when it was owned by Italian financier Giancarlo Parretti.

Credit Lyonnais revealed losses of 21 billion francs ($4 billion) between 1992 and 1994 and has since been steered from one salvage plan to another, with a third rescue likely soon.

More Scene

  • 'The Tale' FYC event

    Laura Dern on Impact of 'The Tale' During #MeToo: 'There Is Restorative Justice Here'

    PARIS (Reuters) – The Paris public prosecutor opened a criminal probe Monday into suspected fraud at Credit Lyonnais in the early 1990s, justice sources said. The move followed a request by Finance Minister Jean Arthuis for legal action against former top managers at the state bank, which saw massive losses in the early ’90s. Arthuis […]

  • LOS ANGELES, CA - MAY 19:

    'Stranger Things' Team Offers Glimpses Into Season 3 at Netflix FYSee

    PARIS (Reuters) – The Paris public prosecutor opened a criminal probe Monday into suspected fraud at Credit Lyonnais in the early 1990s, justice sources said. The move followed a request by Finance Minister Jean Arthuis for legal action against former top managers at the state bank, which saw massive losses in the early ’90s. Arthuis […]

  • 'Pose' TV show premiere

    Ryan Murphy Wants 'Pose' to Be 'Uplifting' for LGBTQ Community in Trump Era

    PARIS (Reuters) – The Paris public prosecutor opened a criminal probe Monday into suspected fraud at Credit Lyonnais in the early 1990s, justice sources said. The move followed a request by Finance Minister Jean Arthuis for legal action against former top managers at the state bank, which saw massive losses in the early ’90s. Arthuis […]

  • DISNEY CHANNEL - "Disney Channel GO!

    Disney Channel Stars Meet With Fans at First Ever Fan Fest

    PARIS (Reuters) – The Paris public prosecutor opened a criminal probe Monday into suspected fraud at Credit Lyonnais in the early 1990s, justice sources said. The move followed a request by Finance Minister Jean Arthuis for legal action against former top managers at the state bank, which saw massive losses in the early ’90s. Arthuis […]

  • Sweet Spots Post-Cannes Retreats: Portugal, Provence

    Sweet Spots for Post-Cannes Retreats: Portugal, Provence and London

    PARIS (Reuters) – The Paris public prosecutor opened a criminal probe Monday into suspected fraud at Credit Lyonnais in the early 1990s, justice sources said. The move followed a request by Finance Minister Jean Arthuis for legal action against former top managers at the state bank, which saw massive losses in the early ’90s. Arthuis […]

More From Our Brands

Access exclusive content