Kerviel says his losses cut SocGen’s tax

first_imgSunday 10 October 2010 11:47 pm Tags: NULL whatsapp Read This Next’Kevin Can F**k Himself’: Here’s Why Only Allison and Patty Are SeenThe Wrap20 Stars Who’ve Posted Nude Selfies, From Lizzo to John Legend (Photos)The Wrap’Batwoman’: Wallis Day on Circe’s ‘Deranged’ Warpath and the Key to SavingThe Wrap’Godzilla vs Kong’ Reaches $100 Million in US After Grossing $250,000 inThe WrapJoin a Conversation on ‘Cancel Culture in Comedy’ with Maz Jobrani, SkyeThe WrapAnya Taylor-Joy, Ralph Fiennes Join Searchlight’s Dark Comedy ‘The Menu’The WrapAfter ‘Black Widow,’ Kevin Feige Leaves Open the Possibility of OtherThe Wrap’Pose’ Creator Steven Canals on Life After His Groundbreaking Show: ‘I’mThe Wrap’The Boys’ Star Aya Cash Took Inspiration From YouTube, TikTok and SteveThe Wrap SOCIETE Generale omitted to tell the courts it used Jerome Kerviel’s €4.9 bn (£4.3bn) trading loss to reduce the French bank’s tax bill by €1.7bn, Kerviel’s lawyer alleged yesterday.The French bank rejected the claim, arguing the tax treatment of Kerviel’s loss was made public and met fiscal rules.The bank’s former trader Jerome Kerviel was sentenced last week to three years in jail and ordered to pay back his €4.9bn trading loss caused in 2008 by risky positions.Kerviel’s lawyer, Olivier Metzner, appealed the verdict as “senseless” and said it cleared the bank of all blame.Societe Generale said after the verdict it would not ask Kerviel to pay back the entire sum, which is about 177,000 times his current salary as aninformation technology consultant. “Societe Generale has received a tax credit of €1.690bn, which means that his (Kerviel’s) damage could in no way be €4.9bn,” Metzner said in an interview on France Info radio. “This is scandalous.”Societe Generale said at the weekend “the fiscal treatment of losses linked to Kerviel’s fraudulent trades was done in a transparent fashion and met all fiscal rules.”The bank added that any sums paid back by Kerviel would be taxed.“Everybody knows the bank (Societe Generale) has paid less tax since it made less money,” Societe Generale’s lawyer Jean Veil said yesterday on Europe 1 radio.“These elements are in the Societe Generale’s public documents which Jerome Kerviel used during his trial.”Since Kerviel’s record loss, Societe Generale has worked hard to improve its image and tighten risk controls.French politicans yesterday reacted angrily to the news. Conservative politician Nicolas Dupont-Aignan said the bank should repay €1.7bn as “taxpayers shouldn’t be made to pay for financial speculation”. whatsappcenter_img KCS-content Share Show Comments ▼ Video Carousel – cityam_native_carousel – 426 00:00/00:50 LIVERead More Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndoDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndo Kerviel says his losses cut SocGen’s tax last_img

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