Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Netanyahu deletes tweet featuring photo of James Foley

Read more

THE WORLD THIS WEEK

The World This Week - 22 August 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 22 August 2014

Read more

FRANCE IN FOCUS

FRANCE IN FOCUS

Read more

FOCUS

Lifting the veil over China's air pollution

Read more

ENCORE!

Tango Takeover in Paris

Read more

WEB NEWS

Calls for ISIS media blackout after execution of James Foley

Read more

IN THE PAPERS

'Steely resolve of reporters exploited by pared-down employers'

Read more

BUSINESS DAILY

US judge calls Argentina bond swap offer illegal

Read more

  • Europe launches navigation satellites to rival GPS

    Read more

  • Besieged by problems, Hollande faces unhappy return from summer holidays

    Read more

  • Iraqi Sunnis quit govt talks after mosque massacre

    Read more

  • US demands Russia withdraw aid convoy from Ukraine

    Read more

  • Rights group sues US government over ‘deportation mill’

    Read more

  • Colombian army and FARC rebels begin work on ceasefire

    Read more

  • US National Guard starts to pull out of embattled Missouri town

    Read more

  • PSG fall flat once more against Evian

    Read more

  • Fed Chair says US job market still hampered by Great Recession

    Read more

  • August 22, 1914: The bloodiest day in French military history

    Read more

  • Central African Republic announces coalition cabinet

    Read more

  • Hamas publicly executes "informers"

    Read more

  • French firebrand leftist to quit party presidency, but not politics

    Read more

  • Fear of Ebola sky-high among Air France workers

    Read more

  • US says Islamic State threat 'beyond anything we've seen'

    Read more

  • Malaysia mourns as remains of MH17 victims arrive home

    Read more

  • Turkish Foreign Minister Davutoglu set to be Erdogan's new PM

    Read more

  • Interactive: Relive the Liberation of Paris in WWII

    Read more

Suspected rogue trader Kerviel back in hearing

Latest update : 2008-09-03

Jerôme Kerviel, the suspected rogue trader involved in the multi-billion-euro loss scandal plaguing French bank Société Générale, appeared in a Paris court Wednesday along with his former aide Thomas Mougard.

Jerome Kerviel, blamed by French bank Societe Generale for the trading scandal that cost it billions of euros, appeared for a court hearing on Wednesday along with his former aide Thomas Mougard.

 

Kerviel, wearing a dark suit, declined to comment to reporters as he entered the Paris financial court. Mougard arrived separately earlier.

 

SocGen unveiled 4.9 billion euros ($7.08 billion) of losses on Jan. 24, which it said were caused by unauthorised deals carried out by Kerviel, who at the time was a junior trader at the bank.

 

Kerviel was freed from prison in March after an appeal against his detention, but he remains under formal investigation for breach of trust, computer abuse and falsification.

 

He has admitted building up non-authorised trading positions but says his supervisors must have been aware of what he was doing.

 

Last month, the Paris prosecutor's office said Mougard had been placed under investigation for complicity in the affair. Mougard's lawyer has denied any wrongdoing on the part of her client.

 

The Kerviel affair ranks as the world's worst rogue trading scandal, eclipsing losses in previous scandals, such as Nick Leeson's rogue trades that toppled British merchant bank Barings in 1995.

Date created : 2008-09-03

COMMENT(S)