Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Seven African countries' economies at risk over Brexit decision

Read more

THE DEBATE

Britain votes out: What next?

Read more

#TECH 24

The 'fintech' revolution

Read more

FRANCE IN FOCUS

A certified 'palace': How hotels strive for excellence

Read more

#THE 51%

In her own image: Women in Art

Read more

REPORTERS

World War I: When northern France was on German time

Read more

REVISITED

Video: Ugandan city still scarred by Lord's Resistance Army atrocities

Read more

MEDIAWATCH

#Brexit sparks a storm on social media

Read more

BUSINESS DAILY

Markets, pound plunge on Brexit vote

Read more

Trader Kerviel in police custody

Latest update : 2008-01-26

Jérôme Kerviel, the trader at the centre of the Société Générale scandal, has been arrested and taken for questionning by French police, according to a judicial source. (Story by N. Rushworth)

French trader Jerome Kerviel who allegedly cost banking giant Societe Generale 4.9 billion euros in losses was taken into police custody in Paris on Saturday, a judicial source said.

Kerviel, 31, was being held for questioning after arriving in a car at the headquarters of the Paris police's financial brigade around 2:00 pm (1300 GMT), said the source.

He had dropped out of sight since the bank announced its colossal losses on Thursday, which slashed the bank's 2007 profit to 600-800 million euros from 5.2 billion in 2006.

Police nabbed Kerviel from his vehicle in the underground car park of the financial brigade's offices in Paris, said a source close to the investigation.

The detention followed a police raid on Kerviel's apartment on Friday in the wealthy Paris suburb of Neuilly sur Seine during which documents were seized.

The French government has demanded a full accounting of the scandal over the bank losses, the biggest of their kind in financial history.

The Kerviel case dwarfs that of Nick Leeson, the "rogue trader" who lost 1.5 billion dollars at Barings, causing the failure of the venerable British bank in 1995.

Date created : 2008-01-26

COMMENT(S)