Open

Coming up

Don't miss

Replay


LATEST SHOWS

DEBATE

Europe's Plan for Putin - Will Russian Leader Bend After New Sanctions?

Read more

FOCUS

Pakistan's Ahmadis living in fear of extremist attacks

Read more

WEB NEWS

Web users show solidarity with Iraqi Christians

Read more

THE INTERVIEW

Gilles Kepel, Islamic and Arab world specialist

Read more

BUSINESS DAILY

Argentina braced for another debt default

Read more

DEBATE

Too Late for Sanctions? Pressure Mounts on Russia over Ukraine (part 2)

Read more

DEBATE

Too Late for Sanctions? Pressure Mounts on Russia over Ukraine

Read more

MEDIAWATCH

'What would you do?'

Read more

AFRICA NEWS

Ebola virus: Liberia shuts most border points

Read more

  • Graphic: Ebola spreads across West Africa

    Read more

  • In pictures: ن - a sign of support for Iraq’s persecuted Christians

    Read more

  • Scores killed as Israel ramps up Gaza bombardment

    Read more

  • EU broadens sanctions on Russia over Ukraine crisis

    Read more

  • Calls mount to ban France’s ‘violent’ Jewish Defence League

    Read more

  • Venezuela: Hugo Chavez’s ‘little bird’ strikes again

    Read more

  • France extradites suspected Jewish Museum shooter to Belgium

    Read more

  • Video: How tourism is helping Rwanda’s gorillas, ex-poachers

    Read more

  • Rare Sri Lankan leopard cubs born in French zoo

    Read more

  • France evacuates its nationals from Libya

    Read more

  • US says Russia violated arms treaty by testing cruise missile

    Read more

  • Argentina in last-ditch effort to avert default

    Read more

  • Karzai’s cousin killed in Afghan suicide attack

    Read more

  • Libya oil tanker fire blazes out of control

    Read more

  • In pictures: From Gaza to Mosul, bittersweet end of Ramadan for Muslims

    Read more

  • Moroccan police arrest French al Qaeda recruiter

    Read more

French rogue trader's assistant charged

Latest update : 2008-08-05

Thomas Mougard, assistant of Jérôme Kerviel, the trader involved in the multi-billion-euro Societe Generale scandal, has been charged with "complicity to introduce false data into a computer system".

The 24-year-old assistant of French rogue trader Jerome Kerviel has been charged with complicity in the multi-billion-euro scandal at Societe Generale, judicial officials said Monday.

The Societe Generale employee, named as Thomas Mougard, was charged on Friday with "complicity to introduce false data into a computer system," the official said.

Judges accuse him of "knowingly helping Jerome Kerviel to record fictitious operations" at the bank, in 2007 and January 2008.

One of France's big three banks, Societe Generale shocked the financial world when it announced in January staggering losses of 4.9 billion euros at the hands of a rogue trader.

The losses were incurred as the bank was forced to unwind more than 50 billion euros of unauthorised deals Kerviel is said to have made.

Mougard is the second person after Kerviel, 31, to be charged over the biggest rogue trade scandal in banking history.

An internal Societe Generale report made public in May said it found "signs of internal complicity" by Kerviel's assistant.

He had been questioned several times in connection with the mammoth losses as an "assisted witness", a legal status half way between a simple witness and being charged.

Kerviel turned himself in to police on January 26, two days after the bank revealed the losses, and on January 28 was charged with breach of trust, fabricating documents and illegally accessing computers.

The trader has insisted his managers knew of his dealings but kept silent as long as he was making good returns.

Date created : 2008-08-04

COMMENT(S)