Arab Today, arab today rogue trader kerviel claims socgen suffered no losses
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

Rogue trader Kerviel claims SocGen suffered no losses

Arab Today, arab today

Arab Today, arab today Rogue trader Kerviel claims SocGen suffered no losses

Paris - AFP

French rogue trader Jerome Kerviel claimed on Thursday that French bank Societe Generale never lost about five billion euros over his high-risk trading, but a court threw out his plea for an audit. A labour court rejected his request for an audit of the bank\'s claim it lost 4.9 billion euros ($6.4 billion) over his deals. Kerviel was sentenced to three years in prison in October 2010 for breach of trust, forgery and entering false data for unauthorised deals that threatened to bankrupt the bank, one of the biggest in Europe. Kerviel is pursuing Societe Generale in a Paris labour tribunal for unjust dismissal, claiming his managers knew what he was doing and turned a blind eye as long as profits flowed in. Appearing before the court, he urged it to order an expert enquiry into the bank\'s claims of losses. \"I know there were no losses, Societe Generale never lost five billion euros,\" he said, noting that no evidence of the bank\'s losses had been presented during his criminal trials. But the court turned down his request and ordered him to reappear for a next audience in March 2014. Last October, an appeals court rejected an attempt by Kerviel to overturn his conviction. He remains out of prison while waiting for his case to be reviewed by the Court of Cassation, France\'s top appeals court.

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