Friday, September 23, 2016

The new conviction of Kerviel relaunch the debate on the tax deduction obtained by the Company in general – The World

The court of appeal of Versailles has condemned, Friday, September 23, Jérôme Kerviel to pay one million euros in damages and interest to the Société générale 4.9 billion in an initial judgment broken in 2014.

The ruling Friday, acknowledges the old trader ” partly responsible ” of the prejudice caused to the bank by its manoeuvres stock to be fraudulent. It could also call into question a favour tax of € 2.2 billion in 2009 and 2010, under a tax regime granted to loss-making enterprises and to victims of fraud.

The department announced a few hours after the court decision that it would review the tax situation of the Société générale, which has ensured in the wake by a press release that the decision was ” have no effect on the tax situation “ group.

Read analysis : Where we are talking again about the tax deduction obtained by the Company in general during the affair Kerviel

Before the hearing, the government had indicated that it would ” all the consequences “ of a judgment in favour of the ex-trader. But the case of a decision recognising his responsibility partial, and decreasing the damage caused, had not been clearly discussed.

” Someone has to prepare a pen and a checkbook “

according To Jean Veil, the lawyer of the Company-general, the government should not be able to request the refund of $ 2.2 billion, ” given the drafting of the judgment, and given what is the case law in the matter ” :

” There should be a deliberate mistake, a fault, excess of the [bank] and it is not what is written in the judgment of the court of appeal of Versailles today. “

The bank reiterates that it has never applied to Bercy to benefit from a tax rebate, but applied to texts, in accordance with the law, and after validation from different law firms, as any taxpayer would have been able to do in such a situation.

For the defender of Jerome Kerviel, David Koubbi, on the contrary, ” someone [the] Society in general has to prepare a pen and a checkbook “ to repay the amount, ” siphoned “ of public funds in the wake of this scandal.

The ex-trader has always said that Société générale could not have been unaware that he was non-hedged positions which resulted in a loss of 4.9 billion euros. But the bank, who was sentenced in 2008 by the banking commission, to a fine of 4 million euros for the ” serious shortcomings “ in its internal control system, ensures that the fraudulent activities of Jérôme Kerviel who have ” fail “ control systems.


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