Jean-Marie Messier, who famously proclaimed himself master of the universe when he was chief executive of Vivendi Universal, has been sent for trial in France on charges of share manipulation.

The Frenchman will be among seven defendants, including Edgar Bronfman Jr, the chief executive of Warner Music, at the hearing in Paris into allegations that illegal trading left the Gallic media giant on the brink of collapse. Judge Jean-Marie d’Huy, the investigating magistrate, has accused Mr Messier of divulging “false or misleading information” in 2001 as he sought to bolster the balance sheet in the wake of huge expansion.

Mr Bronfman, the head of the American distilling dynasty and deputy chief executive at the time, is accused of insider dealing through the sale of stock options in 2002 “whilst being aware of facts not communicated to the public”.

Both men have denied any wrongdoing in the case, which stems from Mr Messier’s drive to turn a Gallic utility into what was for a time the world’s second-largest media conglomerate.

When he resigned in 2002, Vivendi had a cash crisis partly because of the secret repurchase of stock to prop up the price in the wake of the September 11 terrorist attacks a year before, it is claimed. Mr Messier is accused of authorising the repurchase of €1.7 billion of shares in a closed 15-day period before Vivendi’s annual results.

The flamboyant businessman is also alleged to have breached a series of other stock exchange regulations, not-ably by authorising repurchases during his presentation of first-half results in September 2001 when investors were scrutinising the consequences of a $42 billion merger with Seagram.

Judge d’Huy’s decision to send Mr Messier, 52, and Mr Bronfman, 54, for trial was a surprise after prosecutors called for the case against both defendants to be dropped. It comes after the start of proceedings in New York in a class-action lawsuit brought by Vivendi Universal shareholders over the claims that the group made false statements about its financial position.

Mr Messier, once the best-known business figure in France, is now an investment adviser. He has enjoyed a media comeback in his homeland this year after the publication of The Day When the Sky Fell on Our Heads — a book in which he denounced the excesses of capitalism. Critics said that this was an exercise in hypocrisy.

Maître Olivier Metzner, Mr Messier’s lawyer, described the decision to make him stand trial as “totally unbelievable.”

Times Recommends

• Minister in talks with Saudis to protect creditors
• Premier Inn hits back in £29-a-room row
• Bankers hit back at 'populist' bonus supertax