Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Euronext Paris  >  Société Générale    GLE   FR0000130809

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

SOCIETE GENERALE : Rogue trader Kerviel accuses SocGen of forgery

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/27/2012 | 08:47pm CET

Former Societe Generale trader Jerome Kerviel, who is appealing a three-year prison sentence for his role in France's biggest rogue trading scandal, plans to sue his former employer for forgery and manipulation of evidence.

Kerviel, who told journalists on Friday he had gone through "hell" since the revelation in 2008 that SocGen had lost 4.9 billion euros ($6.5 billion) unwinding his risky bets, said that audio recordings used as evidence at his 2010 trial had been tampered with.

The lawsuit, if filed on Friday, will be the second in as many weeks leveled by Kerviel against SocGen ahead of his appeal, slated for June 4. Last week, Kerviel's lawyer David Koubbi filed a suit against SocGen for obtaining a verdict under false pretences and said on Friday he planned to file a second lawsuit. "We are filing a suit for forgery," Koubbi said.

For its part, Societe Generale dismissed the allegations, saying in a statement that Kerviel "was building media buzz" before his appeal. "This strategy aims to harm the image of the bank by taking elements from the court cases ... out of context or presenting them as new when they add nothing to the real issues."

Sitting in a converted Paris cinema and wearing an open-necked pink shirt, a steely faced Kerviel let his lawyer Koubbi do most of the talking.

Koubbi said earlier this month his team was given access to original audio recordings of Kerviel being interviewed by his superiors, a transcript of which was submitted as evidence. According to Koubbi, around half of the duration of the interviews had been cut.

"Over a total hearing time of 12 hours there are cuts totaling ... six hours," Koubbi said. "These tapes have been tampered with."

Kerviel said he clearly remembered saying to one of his superiors during these interviews that the bank was aware of his trades, something that SocGen has always denied. This was missing from the tapes, he said.

Kerviel, who has never denied he covered up his massive trading positions but has always claimed his superiors knew what he was doing, said he was confident the fresh evidence would help him win his appeal.

"These last four years have been hell," he said. "My name has been tainted and dragged through the mud."

The news conference comes a week after Koubbi said Kerviel would sue SocGen for obtaining a verdict under false pretences, a criminal charge that implies a party may have concealed evidence that contradicts the final verdict.

The sharply dressed, media-savvy Koubbi is known for representing high-profile clients like actress Isabelle Adjani and Tristane Banon, the writer who last year accused former IMF chief Dominique Strauss-Kahn of attempted rape in 2003. French public prosecutors dropped their probe due to lack of evidence.

SocGen, France's second-biggest listed bank, said last week and reiterated on Friday it would countersue for "false accusation" and promised to develop its position once Kerviel's appeal begins on June 4. ($1 = 0.7559 euros)

(Reporting by Lionel Laurent; Editing by Andrew Callus and Steve Orlofsky)

By Lionel Laurent

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on SOCIÉTÉ GÉNÉRALE
02/24 SOCIETE GENERALE : 24/02/2017 Proposals to nominate Directors and renew Director..
02/24 EXCLUSIVE - RBC REVIEWS ASIA WEALTH : sources
02/23 Banks' bond trading up in 2016 for first time since 2012 after Brexit, Trump ..
02/22 GENEX POWER LTD (ASX : GNX) Official Ground-Breaking Ceremony for Kidston Solar ..
02/16 SOCIETE GENERALE : Awarded with 2016 Best Volunteer for International Experience..
02/15 Big banks avoid hiring spree despite trading boom
02/15 GENEX POWER LTD (ASX : GNX) Kidston Solar Project Phase One 50MW Closes $100M Fi..
02/13 AVIVA : Sogecap to Acquire 50% Stake in Antarius from Aviva
02/11 The Weibo Corporation (Wb) Shares Sold by Sg Americas Securities Llc
02/10 SOCIETE GENERALE : SocGen's profit down over Splitska banka
More news
Sector news : Banks - NEC
02/25 Buffett mulls change to canny Bank of America stake if dividend rises
02/25 Buffett upbeat on American business; Berkshire operating profit down
02/25 CITIGROUP : Citi says U.S. regulators are investigating its hiring practices
02/25DJCITIGROUP : Confirms Investigations Over 'Princelings' Hiring Practices
02/24DJIntesa Sanpaolo Won't Make Takeover Bid for Assicurazioni Generali
More sector news : Banks - NEC
News from SeekingAlpha
02/16 EU Second-Tier Banks Could Get Yield Curve Leg-Up
02/15 A Look At Bank And Broker Credit Default Swap Prices
02/09 Societe Generale ADR reports Q4 results
02/07 Marine Le Pen And French/European Banks
01/23 SOCIETE GENERALE : Rethinking Its Presence In Eastern Europe
Advertisement
Financials (€)
Sales 2017 25 213 M
EBIT 2017 7 897 M
Net income 2017 3 716 M
Debt 2017 -
Yield 2017 5,30%
P/E ratio 2017 9,12
P/E ratio 2018 8,32
Capi. / Sales 2017 1,33x
Capi. / Sales 2018 1,29x
Capitalization 33 464 M
More Financials
Chart SOCIÉTÉ GÉNÉRALE
Duration : Period :
Société Générale Technical Analysis Chart | GLE | FR0000130809 | 4-Traders
Full-screen chart
Technical analysis trends SOCIÉTÉ GÉNÉRALE
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 46,8 €
Spread / Average Target 13%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Frédéric Oudéa Chief Executive Officer & Director
Lorenzo Bini Smaghi Chairman
Philippe Heim Group Chief Financial Officer
Alain Benoist Head-Processes & Information Systems
Carlos Goncalves Head-Global Technology Services
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
SOCIÉTÉ GÉNÉRALE-11.37%35 307
JPMORGAN CHASE & CO.5.61%323 225
WELLS FARGO & CO6.13%290 339
BANK OF AMERICA CORP11.22%243 575
INDUSTRIAL AND COMMRCL..6.58%242 076
CHINA CONSTRUCTION BAN..9.38%206 857
More Results