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Jerome Kerviel refused audit of SocGen's losses


Jerome Kerviel refused audit of SocGen's losses


Former Societe Generale trader Jerome Kerviel has suffered a set back in his attempts to prove he did not lose the bank billions with unauthorised deals.

A Paris employment tribunal has rejected his request for an audit of the bank’s claim that he cost it almost five billion euros.

Kerviel – who maintains his bosses always knew about his trades – had hoped a new inquiry by experts would help him get compensation from the bank and overturn his criminal prosecution.

“I am disappointed, of course … They’ve refused (my demands),” the 36-year-old Kerviel said. “We will keep going.”

He has also asked the tribunal to overturn his dismissal and grant him 4.9 billion euros in damages – there will be a ruling on that later.

Found guilty in 2010 he faces three years in prison and has been ordered to pay back all the money – 4.9 billion. He remains free while his case is reviewed by France’s top appeals court.

SocGen’s legal team issued a short statement saying Kerviel had been late in submitting several demands and that after a “lengthy debate” the employment tribunal had rejected them.

“Despite the media presence orchestrated by Jerome Kerviel, the legal system showed once again that it could remain clear-headed,” it said.

Kerviel’s cause had been taken up by the far-left who say he was a naive victim of big finance.

Dozens of supporters chanted slogans against SocGen and threw fake banknotes like confetti outside the tribunal building, also handed out free coffee and croissants to the crowd.

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