Page last updated at 18:45 GMT, Monday, 31 August 2009 19:45 UK

SocGen trader Kerviel is charged

Jerome Kerviel
Jerome Kerviel maintains the bank knew about risky deals he made

An alleged "rogue trader" blamed by French bank Societe Generale for 4.9bn euros (£4.3bn; $7.2bn) in losses has been charged.

Jerome Kerviel is accused of forgery, breach of trust and unauthorized computer use.

Mr Kerviel has been under investigation since SocGen unveiled the losses in 2008, which it blamed on unauthorised deals carried out by him.

The former trader has always maintained the bank knew about the risky deals.

His superiors turned a blind eye to his trading while he was earning money for the bank, but intervened when he began to lose, he has argued.

The trial is not expected to begin until next year.

Transparency

The case has led to concerns in France over lack of transparency at banks.

Senior executive Jean-Pierre Mustier and non-executive director Robert Day, who are the subject of an inquiry by the French financial watchdog, reject allegations of wrongdoing.

Mr Mustier led Societe Generale's corporate and investment banking division, where Mr Kerviel worked.

He stepped down earlier this month after it emerged that he was under investigation by France's Financial Markets Authority (AMF).



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