French prime minister said on Thursday that the fraud case at the French bank Societe Generale in which a rogue trader cost the institution 4.9 billion euros (7.18 billion dollars) was not linked to the current unsteady financial market situation.
While describing it as a "a serious matter," Francois Fillon said at the World Economic Forum in Davos that the development has" nothing to do with the current situation on the global financial markets."
A junior trader identified as Jerome Kerviel, 31, was blamed for a record 7.18-billion-dollar loss in bad debts in one of the biggest frauds in financial history. He was said to have fooled his bosses.
The trader had worked at Societe Generale in Paris since 2000 and earned a salary and bonus of less than 100,000 euros (145,700 U.S. dollars), bank executives said.
Source:Xinhua
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