Ex-Vivendi chief loses £14m goodbye

A US court has ordered Vivendi Universal to freeze a e20.5m (£14m) severance package to former chief Jean-Marie Messier, in a case brought by the Securities and Exchange Commission.

It is the second time it has been blocked. Earlier this month, Messier persuaded a US court to order Vivendi to hand over the money.

The SEC wants time to investigate the French conglomerate, which it believes may have falsified some accounts during Messier's term as chief executive.

'Basically, what we're trying to do is prevent this extraordinary payment moving forward - while we're in the midst of our investigation of Vivendi - for the benefit of shareholders,' said SEC lawyer Gary Klein, adding that the aim was to prevent Messier profiting from alleged corporate wrongdoing.

The money will be put in a holding account during the investigation. Vivendi itself will be only too happy to comply. It, too, is appealing against the judgment forcing it to pay Messier, who saddled the company with crippling debts.

Investors and French regulators want to delay the payment until a shareholder vote can be held on his golden goodbye. In July, a Paris court blocked payment at the request of the French stock market regulator, the Commission des Operations de Bourse.

French prosecutors are examining the findings of a 15-month stock market probe into Vivendi's financial disclosures. Under Messier, it is alleged to have put out false and misleading information. The authorities also accuse Messier of insider trading.