SocGen says it won’t ask Kerviel for €4.9bn fine

Steve Dinneen
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SOCIETE Générale has distanced itself from the record €4.9bn (£4.3bn) fine slapped on rogue trader-turned-national-hero Jerome Kerviel after an astonishing backlash in France.

Kerviel was jailed for five years, with two suspended, for several offences including forgery. But the astronomical fine has caused indignation in his home country, solidifying sentiments that he was used as a scapegoat for the banking crisis and prompting SocGen to condemn the fine.

A spokesman told a radio station: “It is out of the question to claim such a sum from one man... Do we intend to indebt Kerviel for 177,000 years, as I’ve seen written? The answer is no. We are a responsible bank.”

Kerviel was free on bail last night, awaiting an appeal against the sentence.