Naouri's custody was lifted around 22 p.m., sources close to the case told AFP. This 00-year-old inspector of finance and normalien was interviewed by the Financial Brigade, these sources had said earlier, confirming information from the JDD.

According to sources close to the case, Mr. Naouri had already been placed in custody in this investigation at the end of 2022. On Thursday, his custody was resumed and finally released without charge against him at this stage.

When contacted, Mr. Naouri's lawyer, Marie-Alix Canu-Bernard, did not wish to comment. When asked, Sébastien Schapira, who also represents him, did not respond immediately.

The Casino group, also contacted by AFP, did not comment.

Its share price hit its lowest historical level at the close of the Paris Stock Exchange on Thursday, falling to 5.05 euros, after losing 9.43% on the session and 48.31% since the beginning of the year.

"Former consultant of the group"

This police custody is part of an investigation targeting Casino since February 5, 2020 of the facts of "manipulation of organized prices, active and passive private corruption" and "insider trading committed during 2018 and 2019", had indicated in March the National Financial Prosecutor's Office (PNF) to AFP.

The PNF had specified that the investigation, which follows a report from the Autorité des marchés financiers (AMF), relates to the share price of the company "during this period".

In May 2022, AMF investigators visited the group's headquarters and Mr. Naouri's home.

In its recent financial documentation, Casino indicates that this investigation "derives from a proceeding initiated against a former consultant of the Casino group" and specifies that the group as "the managers concerned formally contest these allegations and have initiated all necessary remedies".

According to two sources close to the case, this investigation concerns the links of Mr. Naouri and the Casino group with the press boss Nicolas Miguet.

This businessman, also known for his political career as leader of the French Taxpayers' Rally party, has been convicted several times by the AMF, including for price manipulation.

According to several media, investigators suspect a possible collusion between Casino and Mr. Miguet, who could have been paid by the distributor to defend his share price.

Debt Conciliation

The custody of Mr. Naouri comes as the group, which is unable to sufficiently reduce its large debt, entered last Friday into conciliation proceedings.

This amicable procedure, decided by the Paris Commercial Court, should allow the company, indebted to the tune of 6.4 billion euros at the end of 2022, to conclude an agreement with its creditors for a potential restructuring of its debt.

Xavier Niel, media boss of Iliad, gave his support to Mr. Naouri, "a day when everyone wants to hit him".

"I think what he's done is a great journey, and I would dream that all the great officials in this country take the risks he's taken and be able to create great groups," he said.

Casino employs more than 50,000 people in France and 200,000 worldwide under many brands, including Monoprix, Franprix or Pao de Acucar in Brazil. In France, it is powerful in Île-de-France, Provence-Alpes-Côte d'Azur and Rhône-Alpes.

It arouses envy from the Czech billionaire Daniel Kretinsky, already a 10% shareholder, as well as the distribution group Teract, whose majority shareholder is the agri-food giant InVivoet, which is mainly present today in the garden center sector (Gamm Vert, Jardiland...).

This could in any case result in the loss of control of Casino by Mr. Naouri, largest shareholder since 1992 and CEO since 2005. Kretinsky, however, said in an interview with Le Point that the historic leader "could retain an eminent place" within the group if his operation was completed.

For his part, Mr. Naouri recently amended the statutes of Rallye, the company through which he controls Casino, to raise the age limit for his presidency from 75 to 78.

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© 2023 AFP