Jean-Marie Messier, the high-flying former head of Vivendi Universal, faced a second day in police custody Tuesday while awaiting a judicial move that could place him under investigation in connection with possible financial wrongdoing at the French media conglomerate.
Messier, who answered a summons by French financial police a day earlier, could join four others in finding himself one step short of formal charges, but might also be released under judicial control once a 48-hour period has expired.
French investigators under the direction of Judges Henri Pons and Rene Cros are probing four events during Messier's tumultuous term, which saw Vivendi soar from a obscure utilities company to a media empire on the verge of bankruptcy.
Suspicions center on a massive share buyback following the September 11 terror attacks, possible insider trading by Vivendi directors in December 2001, financial disclosures and the consolidation of three partly-owned telecommunications units in Vivendi's accounts.