A Paris court on Tuesday freed Jerome Kerviel, the trader accused of causing record losses at French bank Société Générale, pending investigation, his lawyers said. Société Générale unveiled €4,9-billion (,64-billion) of losses in January in the biggest trading scandal in recent history.
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/ 26 February 2008
French President Nicolas Sarkozy sharply criticised the chairperson of scandal-hit bank Société Générale in an interview published on Tuesday, saying his response to billion-euro losses was "not normal". "When the president of a company sees losses of that magnitude and does not draw conclusions from it, that’s not normal," Sarkozy said.
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/ 12 February 2008
Société Générale launched a discounted â,¬5,5-billion capital increase on Monday to prop up its finances and heal scars from the world’s biggest rogue trading scandal. The one-for-four rights issue at â,¬47,50 per share gives its existing shareholders a bigger-than-expected discount of 38,9% to Friday’s price.
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/ 10 February 2008
A new court battle will be held on Monday over the detention of French rogue trader Jerome Kerviel. The decision by a Paris appeals court on Friday to back a prosecution demand that the 31-year-old trader be held in custody was the latest twist in the worst investment banking scandal in history.
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/ 29 January 2008
Accused French rogue trader Jerome Kerviel walked free after judges placed him under formal investigation on Monday for his role in $7-billion of losses at Société Générale but stopped short of charging him with fraud. Shares in the French bank took a battering as allegations emerged that a board member was guilty of insider trading related to the scandal.
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/ 24 January 2008
French bank Société Générale (SocGen) disclosed one of the biggest alleged frauds in financial history on Thursday, adding to a wave of gloom surrounding world markets battered by credit market losses. SocGen, France’s second-biggest listed bank, said it had uncovered an ”exceptional fraud” by one of its traders. It said this would cost the group â,¬4,9-billion.