Societe Generale Bank under the intermediary fxb

Societe Generale Bank under the intermediary

Societe Generale Bank under the intermediary of fraud incurred 4.9 billion euros Economic electronic newspaper Saturday, 18 Muharram 1429 AH m 26/01/2008 - Issue 5220 record rise in European markets .. Japanese stocks rise with the return of confidence Almsttmarenpennek Societe Generale is the process of broker fraud incurred 4.9 billion euros - Paris and London - Agencies: - 17/01/1429 Hechv "Societe Generale" one of three French banks, it was a rip-wide, costing 4.9 billion euros Add Billion euros to the price of its shares of losses associated with mortgage crisis in the United States, for a total of 6.9 billion euros. And committed the fraud and one mediator working at the bank in Paris did not reveal to the bank management pyramid sites bought by the market, as the bank said in a statement. Officer Approved suspended his deeds and actions began to leave the sacked officials for overseeing the work, the group also pointed out the bank. In a statement posted on its website spoke Daniel Bouton, Chairman of the bank "an internal process large amounts of fraud by an employee." "There was suspended officer will be immediately filed a complaint against him." Bank of France announced Thursday that he will open an investigation into the fraud caused by one of the mediators within the "Societe Generale", estimated at 4.9 billion euros. The French central bank said that "an investigation of the bank will be to discuss the circumstances of the fraud." Revealed the fraud in January 19 (January) said. The bank said a broker at a branch of the bank specializing in market activities took advantage of "deep knowledge of control procedures to conceal positions fictitious transactions", as explained, "Societe Generale." Since that time, the bank liquidation These sites, but the fraud that led to losses worth 4.9 billion euros in net results for the bank because of its size and "unfavorable conditions in the market." And the fraud of this, add a billion euros from the bank's shares retreated linked to the mortgage crisis in the United States, as Said the bank halted trading Boshmh yesterday at the Paris Stock Exchange. In spite of this loss, net profit would be the French bank's positive in 2007 and estimated at between 600 and 800 million euros. But the draw is very large relative to report net results amounted to 5.221 billion euros in 2006. To counter this situation, the bank said in a statement that it will increase capital by 5.5 billion euros in the coming weeks. The French bank, criticized financial analysts because of his silence in recent days when the price was Shmh deteriorate in the bourse, the extraordinary press conference. The bank "me. That. Me. Paribas", which is keen to reassure the markets very tense yesterday immediately after the opening trading session on the Stock Exchange, the accounts do not refer to "any loss" and decided to publish interim results on early 2007. To this, European stocks rose yesterday, tracking recovery on Wall Street amid hopes a plan to save the insurance companies heavily troubled bond investors while engaged in the study reported was the French bank Societe Generale for major fraud operation in which one client. European shares recorded a big rise of over 5 per cent in the mid trading on Thursday, tracking Wall Street rebound yesterday amid hopes a plan to save the insurance companies heavily on bonds, while troubled investors ignored news was the French bank Societe Generale for major fraud operation in which one client. Dropped Societe Generale Bank 3 per cent when it began trading after the disclosure of the fraud. The French bourse suspended trading shares in the morning. But this process did not affect the rest in shares of European banks. For its part, Japanese shares ended trading Thursday at the Tokyo Stock Exchange, up against the backdrop of a large rise in U.S. stocks trading on Wall Street the first night. Nikkei was up by 72.263 points, or 06.2 Percent to 78.13092 points. At the same time TOPIX index rose shares outstanding by 52.34 points, or 76.2 per cent to 45.1284 points. Investors regained confidence in the securities with reports of a U.S. plan to revive the economy and support the faltering Feduachara insurance companies contributed to financial institutions and real estate companies. In the currency markets the dollar fell against the yen registered in 40.106 - 45.106 yen from 52.106 - 54.106 yen. The euro rose against the dollar, recording 4615.1 - 4620.1 U.S. dollars against 4603.1-4605.1 dollars

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