French police have been given a further 24 hours in which to question traders Jerome Kerviel, at the centre of a suspected massive share-dealing fraud.
Kerviel presented himself to police voluntarily on Saturday. No charge have yet been brought against him. He is accused by his former employer, bank giant Societe Generale, of fraudulent trading that cost the bank 4.9bn euros( $7.1bn;# 3.7bn).
But Kerviel’s family and lawer say he is innocent. The case has stirred debate in France about the merits of speculative financial markets, with President Nicolas Sarkozy condemning the system as ‘haywire’.
All is going well,” financial prosecutor Jean Michel Aldebert told reporters on sunday. ” He is co-operating and is ready to explain what happened,” he said.
Police have been granted another 24 hours to question Kerviel. By early afternoon on monday they must either freehim or present him to a judge for the opening of a full judicial investigation into charges of fraud. Keiviel disappeared after news of the losses Societed Generale had incurred broke on thursday, fuelling speculation he had fled.
But it is now reported that he was staying with hie elder brother, Olivier. Alderbert said he had handed himself in voluntarily.
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