French court releases SocGen rogue trader

Analysis

A French court ordered the release of a rogue trader accused of a massive fraud at Societe Generale pending investigations on a multi-billion-dollar scandal.

Jerome Kerviel, suspected of having engineered rogue deals involving a massive €4.9 billion ($7.3 billion) at Societe Generale, was detained by police for questioning on February 8.

The French bank unveiled in January losses of multi-billion euros and blamed it on Kerviel, a junior trader who had worked there since 2000.

Financial police were trying to find out whether Kerviel had any accomplices in his illegal dealings.

Kerviel was charged with breach of trust, fabricating documents and illegally accessing computers. (Xinhua)

ADVERTISEMENT

Differences in taxation in the CEE region Analysis

Differences in taxation in the CEE region

Lawmakers postpone expanded data provision for tourism secto... Parliament

Lawmakers postpone expanded data provision for tourism secto...

MNB and Budapest Institute of Banking executive director Ger... Podcasts

MNB and Budapest Institute of Banking executive director Ger...

FINA head thanks Hungary for hosting 2022 worlds City

FINA head thanks Hungary for hosting 2022 worlds

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.