Open

Coming up

Don't miss

Replay


LATEST SHOWS

WEB NEWS

Trash collection goes high tech

Read more

WEB NEWS

Web users react to escalating violence in Gaza

Read more

FASHION

Paris, Haute Couture Fall/Winter 2014-2015.

Read more

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

  • Germany defeat Argentina 1-0 to win World Cup

    Read more

  • Thousands flee northern Gaza after Israeli warning

    Read more

  • Clashes erupt in Paris as thousands march to support Palestinians

    Read more

  • Major differences remain as deadline looms in Iran nuclear talks

    Read more

  • Paris’s Bastille Day fireworks ‘a homage to victims’ of WWI

    Read more

  • Rival Libyan militias exchange heavy fire at Tripoli airport

    Read more

  • French military to extend Mali 'counterterrorism' operations into Sahel

    Read more

  • Legendary conductor Lorin Maazel dies aged 84

    Read more

  • Germany’s Tony Martin wins ninth stage of Tour de France

    Read more

  • Boko Haram claims Nigeria attacks and supports Iraqi militants

    Read more

  • French court lifts mayor’s ban on Muslim hijab at beach

    Read more

  • Shells land in Russia as eastern Ukrainians flee fighting

    Read more

  • Iraqi parliament fails to agree on new leadership

    Read more

  • Afghan presidential candidates agree to full vote audit, Kerry says

    Read more

Business

French 'rogue trader' boss investigated for fraud

©

Text by NEWS WIRES

Latest update : 2009-08-07

Jean-Pierre Mustier, the former head of the Société Générale division where alleged rogue trader Jerôme Kerviel worked, will be leaving the French bank after financial regulators identified him as a supect in investigations for fraud.

AFP - A former boss of alleged French rogue trader Jerome Kerviel at Societe Generale is being investigated by French financial regulators for insider trading, the bank said in a statement on Thursday.
  
The Financial Markets Authority (AMF) has identified Jean-Pierre Mustier, formerly head of Societe Generale's corporate and investment banking division where Kerviel worked, as a suspect and he will leave the bank, it said.
  
Contacted by AFP, Mustier declined to comment.
  
In an interview published on the website of French news magazine Nouvel Observateur late on Thursday, Mustier said: "After the Kerviel affair, I think that ethically it was important that I leave the bank."
  
Robert Day, a Societe Generale board member, is also under investigation, the bank said, without specifying whether he would leave the bank.
  
Day sold 40.5 million euros in Societe Generale shares on the same day that the Kerviel affair first surfaced but the bank later said that he had no knowledge of the losses incurred by Kerviel when he sold his shares.
  
Societe Generale did not say if the investigation of Mustier and Day was linked to the Kerviel inquiry, which began last year after staggering trading losses were uncovered.
  
The bank did say, however, that both bankers deny wrongdoing.
  
Kerviel and his assistant Thomas Mougard have been charged over the loss of 4.9 billion euros (7.0 billion dollars) in alleged unauthorised derivatives trading at Societe Generale, one of France's three biggest banks.
  
Kerviel has defended himself saying that he is the scapegoat for wider problems with Societe Generale's control mechanisms for trading.

Date created : 2009-08-06

Comments

COMMENT(S)