Technicolor and its former CEO Frederic Rose have both been indicted on charges of fraud and breaches of trust by France’s high court.
According to Variety, both have been charged with fraud and breach of trust in connection with their role in the bankruptcy of post production group Quinta Industries and Technicolor’s subsequent acquisition of the company in January 2012.
The indictment has been handed down by the high court of Nanterre and follows a criminal complaint filed by Quinta Communications, the parent company of Quinta Industries, in April 2012, which led to an seven-year investigation by French authorities.
Quinta Industries was declared bankrupt in December 2011. Technicolor, which already owned 17.5 per cent of the business, then made a bid to acquire its key assets.
In addition to the criminal complaint, Tarak Ben Ammar, who owned Quinta, has also filed a claim for a €60 million civil suit against Technicolor.
Last month Technicolor announced Richard Moat had replaced Rose as CEO.
