EuropaCorp Fined In France For Financial Reporting Errors

Luc Besson’s French mini-major Europacorp has been fined 200,000 euros by the Financial Markets Authority (AMF) for imprecise and inaccurate accounting information following a three-year investigation. Authorities at the French regulator had been seeking a fine of 300,000 euros.

The penalties are related to two elements of Europacorp’s financial information, relating to lack of precision in its 2009-2010 financial outlook and lack of precision concerning the depreciation of films on its development slate.

Europacorp officials, who say they may appeal the fines, lauded the fact that AMF found no irregularities in the company’s accounts following the investigation conducted in 2011. The company said the ruling would have no impact on the company moving forward.

“Europacorp welcomes the fact that the sanction does not affect any element of accounting regularity, but only two elements of financial communication passed without impact on the accounts and written by the former management,” a release said.

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