This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/world/europe/7211796.stm
The article has changed 22 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| More time for French trader quiz | More time for French trader quiz |
| (40 minutes later) | |
| French police have been given a further 24 hours in which to question trader Jerome Kerviel, at the centre of a suspected massive share-dealing fraud. | |
| Mr Kerviel presented himself to police on Saturday. No charges have yet been brought against him. | Mr Kerviel presented himself to police on Saturday. No charges have yet been brought against him. |
| He is accused by his former employer, bank giant Societe Generale, of fraudulent trading that cost the bank 4.9bn euros ($7.1bn; £3.7bn). | He is accused by his former employer, bank giant Societe Generale, of fraudulent trading that cost the bank 4.9bn euros ($7.1bn; £3.7bn). |
| But Mr Kerviel's family and lawyer say he is innocent. | But Mr Kerviel's family and lawyer say he is innocent. |
| The case has stirred debate in France about the merits of speculative financial markets, with President Nicolas Sarkozy condemning the system as "haywire". | The case has stirred debate in France about the merits of speculative financial markets, with President Nicolas Sarkozy condemning the system as "haywire". |
| Questioned | Questioned |
| "All is going well," financial prosecutor Jean Michel Aldebert told reporters on Sunday. | "All is going well," financial prosecutor Jean Michel Aldebert told reporters on Sunday. |
| "He is co-operating and is ready to explain what happened," he said. | "He is co-operating and is ready to explain what happened," he said. |
| In my opinion, it is his bosses and employers who should be looked into Sylviane Le GoffAunt of Jerome Kerviel | In my opinion, it is his bosses and employers who should be looked into Sylviane Le GoffAunt of Jerome Kerviel |
| Police had an initial 24 hours in which to question Mr Kerviel, and gained a further 24-hour extension from prosecutors. After that period they will have to decide whether to begin legal action, or to release him. | Police had an initial 24 hours in which to question Mr Kerviel, and gained a further 24-hour extension from prosecutors. After that period they will have to decide whether to begin legal action, or to release him. |
| Mr Kerviel disappeared after the news of the losses Societe Generale had incurred broke on Thursday, fuelling speculation he had fled. | Mr Kerviel disappeared after the news of the losses Societe Generale had incurred broke on Thursday, fuelling speculation he had fled. |
| But it is now reported that he was staying with his older brother, Olivier. Mr Aldebert said he had handed himself in voluntarily. | But it is now reported that he was staying with his older brother, Olivier. Mr Aldebert said he had handed himself in voluntarily. |
| Police searched Mr Kerviel's Paris flat on Friday and also visited the Societe Generale headquarters, where he worked, leaving with documents and computer disks. | Police searched Mr Kerviel's Paris flat on Friday and also visited the Societe Generale headquarters, where he worked, leaving with documents and computer disks. |
| Huge sums | Huge sums |
| Two legal complaints of fraud have been lodged against Mr Kerviel - one from a group of small Societe Generale shareholders, and the other from the bank itself. | Two legal complaints of fraud have been lodged against Mr Kerviel - one from a group of small Societe Generale shareholders, and the other from the bank itself. |
| Acquaintances describe Mr Kerviel as shy and considerate | Acquaintances describe Mr Kerviel as shy and considerate |
| But some analysts have queried how a middle-ranking employee could have been single-handedly behind such a colossal loss, reports the BBC's Hugh Schofield in Paris. | But some analysts have queried how a middle-ranking employee could have been single-handedly behind such a colossal loss, reports the BBC's Hugh Schofield in Paris. |
| The losses were greater than the annual gross domestic product of many African countries - and Mr Kerviel was dealing overall with more than 50bn euros, close to the GDP of Kazakhstan. | The losses were greater than the annual gross domestic product of many African countries - and Mr Kerviel was dealing overall with more than 50bn euros, close to the GDP of Kazakhstan. |
| "We must stop with this system that has gone haywire and that has gone haywire and that has lost track of its aim," said President Sarkozy, speaking on a trip to India. | "We must stop with this system that has gone haywire and that has gone haywire and that has lost track of its aim," said President Sarkozy, speaking on a trip to India. |
| "It appears to be time to... inject a bit of common sense into all these systems," he added. | "It appears to be time to... inject a bit of common sense into all these systems," he added. |
| 'Shy' | 'Shy' |
| Meanwhile, Mr Kerviel's acquaintances have described a shy, considerate person who liked judo and sailing. | Meanwhile, Mr Kerviel's acquaintances have described a shy, considerate person who liked judo and sailing. |
| SOCIETE GENERALE IN FIGURES Founded in 1864467bn euros in assets under management (as of June 2007)22.5m customers worldwide120,000 employees in 77 countries Societe Generale share price | SOCIETE GENERALE IN FIGURES Founded in 1864467bn euros in assets under management (as of June 2007)22.5m customers worldwide120,000 employees in 77 countries Societe Generale share price |
| An aunt told French news agency AFP her nephew "must have been manipulated". | An aunt told French news agency AFP her nephew "must have been manipulated". |
| "They are an honest family, who have nothing to reproach themselves for," Sylviane Le Goff said. | "They are an honest family, who have nothing to reproach themselves for," Sylviane Le Goff said. |
| "The young man has always been serious, reserved. In my opinion, it is his bosses and employers who should be looked into," she said. | "The young man has always been serious, reserved. In my opinion, it is his bosses and employers who should be looked into," she said. |
| She added that her sister had gone to Paris on Thursday to try and "comfort" her son. | She added that her sister had gone to Paris on Thursday to try and "comfort" her son. |