French ‘rogue trader’ Kerviel loses bid for retrial

Jerome Kerviel has been trying for almost a decade to shift the blame on to Société Générale for the €4.9 billion loss he was found guilty of causing at the bank a decade ago. (AFP)
Updated 20 September 2018
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French ‘rogue trader’ Kerviel loses bid for retrial

  • The former French investment banker’s trades cost his employer Société Générale €4.9 billion
  • Kerviel has fought a 10-year legal battle against his former employer, alleging that his superiors were aware of his trading

PARIS: Jerome Kerviel, the former French investment banker whose trades cost his employer Société Générale €4.9 billion, lost a legal bid Thursday to force a retrial following his 2010 conviction, a lawyer acting for the bank said.
A French legal commission that deals with requests for retrials “has decided that there was nothing new, that Mr.Kerviel’s request was without basis,” a lawyer acting for Société Générale, Jean Veil, told reporters.
Kerviel was sentenced to a five-year prison term in 2010, with two years suspended, for breach of trust, forgery and entering false data over his huge trading losses which he attempted to hide from the bank.
The losses amount to $5.8 billion at current exchange rates.
The former trader, now aged 41, has fought a 10-year legal battle against his former employer, alleging that his superiors were aware of his trading and then attempted to manipulate the judicial investigation afterwards.
Kerviel, who was released from jail after four months behind bars, has lost two previous appeals against his convictions in 2012 and 2014.


South Korea imports no Iran oil in November despite sanctions waiver

Updated 16 December 2018
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South Korea imports no Iran oil in November despite sanctions waiver

SEOUL: South Korea did not import any Iranian oil for the third straight month in November, customs data showed on Saturday, even though it has a waiver from sanctions targeting crude supplies from the Middle Eastern country.
South Korea and seven other countries were in early November granted temporary waivers from US sanctions that kicked in that month over Tehran’s disputed nuclear program.
But it kept imports at zero as buyers have been in talks with Iran over new contracts, with industry sources previously saying they expected arrivals to resume in late January or February.
With no Iranian cargoes arriving for three months, South Korea’s imports of oil from the nation were down 57.9 percent at 7.15 million tons in January-November, or 157,009 barrels per day (bpd), the customs data showed. That compares to nearly 17 million tons in the same period in 2017.
South Korea is usually one of Iran’s major Asian customers. Although the exact volumes it has been allowed to import under the waiver have not been disclosed, sources with knowledge of the matter say it can buy up to 200,000 bpd, mostly condensate.
Condensate is an ultra light oil used to make fuels such as naphtha and gasoline.
But as Iranian condensate supply has been limited due to the sanctions and rising domestic demand in Iran, South Korean buyers have been looking for alternatives from places such as Qatar.
In total, South Korea imported 12.71 million tons of crude oil in November, up 1.2 percent from 12.59 million tons a year earlier, according to the data.
South Korea’s crude oil imports from January to November inched up 0.6 percent from the year before to 131.23 million tons.
Final data on November crude oil imports is due later this month from state-run Korea National Oil Corp. (KNOC).