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Police get extra time to question french banker

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Police get extra time to question french banker


French financial investigators have been granted extra time to question a junior trader detained over the biggest fraud in banking history. Photographers and reporters trying to catch a glimpse of Jerome Kerviel have been disappointed. So far, only two pictures of the 31-year-old have been made public.

No charges have been brought against Kerviel, who handed himself over to the authorities on Saturday. An official said he was co-operating with the inquiry while his lawyers have maintained his innocence.

The authorities have until this afternoon, at which point Kerviel must be referred to an investigating magistrate ahead of possible charges or released due to lack of evidence.

The bank in question, Societe Generale, reversed the 50 billion euros worth of deals made, with falling markets leading to a loss of 4.9 billion.

It has been suggested the massive sell-off may have contributed to the global market jitters of early last week.

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