Probe into SocGen fraud stepped up

Paris, Jan 26 | Updated: Jan 27 2008, 04:13am hrs
French investigators have stepped up efforts to find out how a self-effacing dealer at Societe Generale ran up a $7 billion loss that hoodwinked his employers, saying he was not on the run and would soon face questioning.

Jerome Kerviel, 31, has not been seen in public since SocGen stunned the financial world on Thursday when it unveiled the record trading loss.

Jerome Kerviel is not on the run. He will be questioned at the appropriate time, as soon as the police have analysed documents provided by Societe Generale, said an official speaking on behalf of the Paris chief prosecutor on Saturday.

Police on Friday visited the headquarters of Societe Generale where Kerviel worked until his dismissal last week, poring over his computer records, and also searched the apartment where he lived on the western outskirts of Paris.

Reuters