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

Business

SocGen demands €4.9 billion from Kerviel to compensate losses

Text by News Wires

Latest update : 2010-06-23

French bank Société Générale on Wednesday told a Paris court it wants €4.9 billion in compensation from former employee Jérôme Kerviel, who is on trial for alleged illicit trading that cost the bank €5 billion in losses.

AFP - French bank Societe Generale on Wednesday told a court it wants 4.9 billion euros in compensation from former employee Jerome Kerviel after his alleged rogue trading cost it that amount.
   
Kerviel is blamed by Societe Generale, one of Europe's biggest banks, for losing it 4.9 billion euros (7.1 billion dollars at the time) in early 2008 through unauthorised trades.
   
The 33-year-old faces up to five years in jail and a fine of 375,000 euros if convicted by the court in Paris of breach of trust, forgery and entering false data into computers.
   
The bank decided to seek the sum of 4.9 billion euros in compensation for the sake of "simplicity," Societe Generale's lawyer Jean Veil told the court on Wednesday.
   
Kerviel has admitted regularly exceeding trading limits and logging false transactions to cover his gambles, but says this was common practice and that his bosses turned a blind eye as long as earnings were high.
   
The bank has admitted failings in its controls, for which it was fined four million euros in July 2008, but it insisted at the trial that managers could not have tracked all Kerviel's trades when he logged false data to cover them.

 

Date created : 2010-06-23

  • BANKING

    Ex-SocGen boss says trading scandal caused by Kerviel's 'lies'

    Read more

  • BANKING

    Former Societe Generale boss gives evidence in 'rogue trader' trial

    Read more

  • BANKING

    Kerviel says his risky trades were 'obvious to everyone' at SocGen

    Read more

COMMENT(S)