Bank Societe Generale is fined
The bank commission of France (the central bank regulator of the country) has fined bank Societe Generale on 4 million euro for infringements which have led to swindle of the former trader Jérôme Kerviel.
The regulator specifies, that in internal monitoring systems behind transactions Societe Generale “rough lacks”, which as a result cost have been revealed to the companies in 4,9 billion euro.
In the message of the bank commission it is spoken that Societe Generale’s staff, responsible for monitoring of trading operations, has neglected risks of possible swindle. To all other “serious weaknesses” are noted in system of information safety of bank.
Representatives of Societe Generale have refused to make comments on commission’s conclusions. However, earlier the management of bank has shifted all faults for scandal on the trader and has declared that it is an “individual” case of swindle.
