Questions grow over SocGen's 2.2 billion euro tax rebate in Kerviel affair


Was Société Générale's determination to hold on to a 2.2-billion-euro tax rebate partly behind the French bank's motivation to pursue its “rogue trader” Jérôme Kerviel with such zeal? That is a question raised by a report written for French prosecutors in May 2008 and now seen by Mediapart and other French media as part of a joint investigation. As Martine Orange reports, it appears this important report was first ignored by the judicial authorities and then shredded.

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It is an issue that has hung over the Kerviel affair from the beginning. Did Société Générale's desire to keep a 2.2 billion-euro tax rebate the French bank received in March 2008 after its multi-billion losses influence its decision to pursue Jérôme Kerviel, the “rogue trader” it blamed for those losses? A report written in 2008 by an expert witness for the prosecution authorities, a copy of which has been by Mediapart, France Inter radio and newspaper 20 Minutes, raises major questions over this key issue.