Societe Generale moves to fire Rosbank chief executive after his arrest on bribery charges

 
City A.M. Reporter
SOCIETE Generale said yesterday that it was moving to dismiss its top Russian executive days after his shock arrest on bribery charges.

The decision by Russian subsidiary Rosbank’s board to fire its head, Vladimir Golubkov, after his arrest last week in a dramatic sting came as the French bank’s management faced investors at its annual shareholder meeting.

A judge has since ordered that Golubkov be put under house arrest for two months, and SocGen said yesterday that independent auditor Deloitte had been hired to “perform additional diligence and necessary investigations”.

The Russian unit said acting CEO Igor Antonov was running operations under the supervision of Rosbank chairman and SocGen Russia head Didier Hauguel.

Bankers familiar with the way Rosbank is run have told Reuters that the unit has suffered from internal divisions between Moscow and Paris and that SocGen has struggled to keep the bank on a tight leash.

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