Alexa
  • Directory of Taiwan

French judges investigating losses at Societe Generale visit bank's trading floor

French judges investigating losses at Societe Generale visit bank's trading floor

Two French judges investigating nearly euro5 billion (more than $7 billion) in losses at Societe Generale visited the bank's trading floor Tuesday, studying the scene where Jerome Kerviel is accused of having carried out massive, unauthorized trades.
Societe Generale said it had invited judges Renaud van Ruymbeke and Francoise Desset to visit its headquarters in La Defense, on Paris' western edge. The company gave no further information.
No lawyers were present for the visit, during which the judges were receiving a demonstration on the bank's computer system to understand how it worked, according to one of Kerviel's lawyers, Guillaume Selnet.
He said no bank employees were being questioned.
"I understand why the judges are doing this, but it doesn't seem to me like it will change much," Selnet said.
Societe Generale has accused Kerviel of betting tens of billions of the bank's money without permission, which led to massive losses announced by France's second-biggest bank in January. The judges filed preliminary charges against Kerviel of forgery, breach of trust and unauthorized computer use.
Kerviel is free while the investigation continues and is working in a new job as a computer consultant. His lawyer says his supervisors were aware of his trades and did not stop them while he was making money for the bank.
Two reports issued in May showed that Societe Generale managers had ignored repeated warnings about Kerviel's activities, and pointed to a culture of risk-taking at the bank.


Updated : 2021-08-02 05:42 GMT+08:00