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French court orders release of rogue trader Kerviel
A French court on Tuesday ordered the release from prison of a Societe Generale trader accused of causing massive trading losses, a spokesman for the trader said.
- AP
- Published: 14:14 March 18, 2008
- Jerome Kerviel is blamed for alleged unauthorised trades that cost Societe Generale over US$7 billion.
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Paris: A French court on Tuesday ordered the release from prison of a Societe Generale trader accused of causing massive trading losses, a spokesman for the trader said.
Jerome Kerviel was expected to leave Paris' La Sante prison later in the day. He has been held there since February 8. Spokesman Christophe Reille did not elaborate on the order to free Kerviel.
Societe Generale blames Kerviel for alleged unauthorised trades that cost it over US$7 billion.
Investigators say they wanted to keep him jailed to prevent him from speaking with accomplices, if he had any. Kerviel maintains that he acted alone. His lawyers argued that Kerviel has cooperated with investigators, has shown no signs of wanting to flee France and could in no way hinder the investigation by being released from prison.
"We were expecting this decision, we were hoping for it," said Kerviel's lawyer Elisabeth Meyer. "The court listened to us."
Societe Generale did not protest the ruling. Societe Generale lawyer Jean Veil called it a "very balanced decision" that will allow a "calm and secure" investigation. He noted the decision came with very strict judicial surveillance.
Kerviel has to hand in his identity card and his passport and is forbidden from leaving the Paris region and entering trading floors or stock exchanges, according to a judicial official.
He is barred from meeting certain people, judicial officials said, without giving names. He has to report to police once a week.
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