Arab Today, arab today top french bank goes after rogue trader for billions lost
Last Updated : GMT 06:58:51
Arab Today, arab today
Arab Today, arab today

Top French bank goes after rogue trader for billions lost

Arab Today, arab today

Arab Today, arab today Top French bank goes after rogue trader for billions lost

French rogue trader Jerome Kerviel was jailed after a series of unauthorised trades cost Societe
Versailles - AFP

French banking giant Societe Generale launched a court bid on Wednesday to recover 4.9 billion euros ($5.5 billion) gambled away by rogue trader Jerome Kerviel through unauthorised trades in 2008.

The French appeals court in Versailles, near Paris, said it would decide on January 29 whether to delay the proceedings pending the outcome of a separate bid by Kerviel, 39, for a retrial of the criminal fraud case that saw him sentenced to three years in jail.

At issue is the degree of responsibility that France's third largest bank bore in the affair, which could have bankrupted Societe Generale had Kerviel's trades not been discovered and unwound in time.

His lawyer David Koubbi asked for a delay until after the Paris court's ruling, set for March 21. 

The retrial bid was bolstered by a bombshell revelation on Sunday that a former deputy prosecutor in the case had said it was "obvious" that Societe Generale was aware of Kerviel's shady dealings. 

A top detective in the case secretly recorded the Paris deputy prosecutor, Chantal de Leiris, saying in a June 2015 conversation: "When the subject comes up, anyone even a little bit involved in finance laughs, knowing very well that Societe Generale knew... it's obvious, obvious."

Branded a crook by his ex-employer and a scapegoat by his defenders, Kerviel says his bosses turned a blind eye to his malfeasance as long as the profits kept rolling in.

Societe Generale on Monday rejected what it called "pseudo-revelations" and a "new media manipulation" in the case.

The bank's lawyer Jean Veil dismissed as "nonsense" the idea that the bank knew of the rogue trading.

It is "implausible that those directly above Jerome Kerviel or the people who worked with him every day knew but didn't say anything," Veil told AFP. 

He said Kerviel's colleagues would have no interest in covering up his risky manoeuvres for fear of jeopardising their bonuses, which depended on the performance of the team.

Kerviel's conviction in 2010 of breach of trust, forgery and entering false data was upheld on appeal.

He was also ordered to repay to Societe Generale the 4.9 billion euros he lost -- although an appeals court overturned the order, arguing that the bank's internal oversight mechanisms had failed.

Kerviel left prison in September 2014 after spending less than five months behind bars.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today top french bank goes after rogue trader for billions lost Arab Today, arab today top french bank goes after rogue trader for billions lost

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today top french bank goes after rogue trader for billions lost Arab Today, arab today top french bank goes after rogue trader for billions lost

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
View News in Arabic - Business: قضايا ساخنة
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday