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SocGen trader 'may have had help' SocGen trader 'may have had help'
(30 minutes later)
The rogue trader at the heart of a multi-billion euro scandal at French bank Societe Generale may have had help from a colleague, a report has said.The rogue trader at the heart of a multi-billion euro scandal at French bank Societe Generale may have had help from a colleague, a report has said.
Another trader could have assisted suspect Jerome Kerviel according to an internal investigation at the firm.Another trader could have assisted suspect Jerome Kerviel according to an internal investigation at the firm.
Rogue trades discovered earlier this year cost the firm 4.9bn euros ($7.7bn; £3.9bn) and led to an 82% fall in its profits last year.Rogue trades discovered earlier this year cost the firm 4.9bn euros ($7.7bn; £3.9bn) and led to an 82% fall in its profits last year.
Preliminary findings had suggested that Mr Kerviel had acted alone.Preliminary findings had suggested that Mr Kerviel had acted alone.
The report, compiled by three independent directors, said that "several" of Mr Kerviel's fraudulent transactions were processed by an unnamed assistant trader.The report, compiled by three independent directors, said that "several" of Mr Kerviel's fraudulent transactions were processed by an unnamed assistant trader.
An electronic message indicated the assistant knew the result of Mr Kerviel's "fraudulent transactions", the report said.An electronic message indicated the assistant knew the result of Mr Kerviel's "fraudulent transactions", the report said.
Wrongdoing deniedWrongdoing denied
The bank's management was accused of being "negligent" in not identifying the problem, the report said.The bank's management was accused of being "negligent" in not identifying the problem, the report said.
It also found that Mr Kerviel's direct supervisor was inexperienced, with insufficient support to do his job properly.It also found that Mr Kerviel's direct supervisor was inexperienced, with insufficient support to do his job properly.
Mr Kerviel, who is on bail, faces charges including a breach of trust, fabricating documents and illegally accessing computers. He has denied any wrongdoing. "The fraud was facilitated, or its detection delayed, by supervisory weaknesses over the trader and the market activities checking," it said.
"The trader's hierarchy, which constituted the first control level, showed itself negligent in the supervision of his activities."
Mr Kerviel's supervisor "showed inappropriate tolerance to the positions taken", it added.
Mr Kerviel, who is on bail, faces charges including a breach of trust, fabricating documents and illegally accessing computers. He has denied any wrongdoing - saying that the bank was fully aware of his transactions.
Another report into the affair, written by PricewaterhouseCoopers, is also due to be released on Friday.Another report into the affair, written by PricewaterhouseCoopers, is also due to be released on Friday.