By Andrei Skvarsky.
Societe Generale lost 146.6m euros through fraud at Rosbank, the French bank’s Russian subsidiary, in 2007.
The fraud was committed at the subsidiary’s Swiss branch, Rosbank Switzerland, and has resulted in the latter’s liquidation, according to the Daily Telegraph and Financial News. The loss, described as “fraud” in Rosbank’s 2007 annual report, was connected to problems at Iranian steel trading group Safa Industrial.
The swindle occurred within weeks of SocGen’s investment banking division uncovering 4bn-euro fraud by rogue trader Jerome Kerviel.
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