- Title: FRANCE: SocGen CEO heard in court after rogue trading scandal
- Date: 5th February 2008
- Summary: (EU) LA DEFENSE, FRANCE (FEBRUARY 04, 2008) (REUTERS) VARIOUS OF SOCGEN HEADQUARTERS EXTERIORS SIGN READING: "SOCIETE GENERALE"
- Embargoed: 20th February 2008 12:00
- Keywords:
- Location: France
- Country: France
- Topics: Finance
- Reuters ID: LVACH7K6JV6RX85RZIC4G3NT75O5
- Story Text: SocGen CEO Daniel Bouton appeared in court in an unrelated case.
SocGen CEO Daniel Bouton appeared in court on Monday (February 4) after the rogue trading scandal in which SocGen lost 5 billion euros.
SocGen is one of four banks to appear at the Paris criminal court in a trial known as "Sentier 2", due to its links with the capital's Sentier textile district.
The other three banks in the case are HSBC unit Societe Marseillaise de Credit (SMC), Barclays France and National Bank of Pakistan.
Bouton appeared along with 141 other people for alleged money laundering between 1996 and 2001 in the Sentier rag district and involved stolen or fraudulent cheques shuttled between France and Israel.
SocGen reiterated on Sunday it had not taken part in any money laundering.
Already shaken by the rogue trading scandal in which nearly 5 billion euros disappeared, Bouton made a quiet escape after the hearing, avoiding cameras or declarations.
"I don't see why I should spit on Mr Bouton, I don't think he's able to monitor the hundreds of millions cheques which circulate inside the Societe Generale each year. I believe in a criminal responsibility when a delinquent is being accused of real things. I don't think that, in this affair, Daniel Bouton is a delinquent." said Gilles-William Goldnadel, one of the lawyers representing the little businesses involved in the money laundering case.
Asked in court to state his identity, Bouton was notified that he was being tried for the laundering of 32 million euros. In theory, he faces up to ten years in jail and the closure of some socgen bank branches. - Copyright Holder: REUTERS
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