SocGen trader 'may have had help'

Jerome Kerviel was initially thought to have acted alone.

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.

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.

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.

Wrongdoing denied

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.

"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.