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Police face deadline over French rogue trader

Accused rogue trader, Jerome Kerviel, is set to be questioned by French investigators for a third day on Monday to determine if he should be placed under formal investigation.

  • Agencies
  • Published: 09:20 January 28, 2008
  • Gulf News

Paris: Accused rogue trader, Jerome Kerviel, is set to be questioned by French investigators for a third day on Monday to determine if he should be placed under formal investigation for the alleged $7 billion fraud at Societe Generale.

The 31-year-old turned himself into police on Saturday, two days after Societe Generale said it had lost a staggering $7.15 billion in the biggest fraud case in investment banking history.

Kerviel denies any wrongdoing.

The French bank Societe Generale filed a criminal complaint against Kerviel, alleging the use of falsified documents and unauthorised computer access to cover up failed deals on share futures and hedges worth tens of billions of dollars.

However, Kerviel's lawyer retaliated on Sunday, accusing the bank of trying to "create a smokescreen" to conceal greater losses accumulated in the midst of the US sub prime mortgage crisis. An allegation the bank's chairman denies.

Meanwhile, Kerviel's lawyers Elisabeth Meyer and Christian Charriere-Bournazel said Sunday their client had "committed no dishonest act, did not siphon off a single cent, and did not profit in any way."



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