Technicolor, Owner Of VFX & Animation Studios, Indicted On Fraud Charges In France

The French multinational corporation Technicolor and its recently ousted CEO, Frederic Rose, have both been indicted in France on charges of fraud and breach of trust, per a report in Variety.

The charges from France’s high court stem from a thorough seven-year investigation into Technicolor’s role in the December 2011 bankruptcy of the post-production firm Quinta Industries, and Technicolor’s acquisition of the company the following month.

Variety has the details on what happened, but in short, Quinta, which is owned by French film producer Tarak Ben Ammar, is alleging that Technicolor conspired against his company to drive him into bankruptcy, and then bought his assets at fire-sale prices before acquiring the remnants of his company. In addition to Ben Ammar’s criminal complaint, he has also filed a €60 million civil suit against Technicolor.

Last month Technicolor’s Frederic Rose was replaced as CEO by Richard Moat.

Technicolor owns and operates numerous animation and vfx studios including MPC, The Mill, Mikros Image, Technicolor Animation, Technicolor Games, and Mr. X. Last week, Technicolor abruptly shuttered the Vancouver branch of its vfx and animation company MPC, and reportedly trimmed the staff at the Montreal branch of MPC. (The company has not responded to Cartoon Brew’s request for comment on its studio closures and staff reductions.)

Collectively, Technicolor’s studios work on dozens of features and series every year. Recent projects include Ad Astra, The Lion King, Pokémon Detective Pikachu, Lady and the Tramp, Maleficent: Mistress of Evil, Alvinnn!!! and The Chipmunks, Elena of Avalor, and The Mandalorian. Its upcoming projects include Fast & Furious: Spy Racers, Cats, Call of the Wild, Artemis Fowl, Dolittle, and The Spongebob Movie: It’s a Wonderful Sponge.