French bank Société Générale was the victim of an alleged multi-million pound fraud which occurred within weeks of the much-publicised €4bn fraud by rogue trader Jerome Kerviel - but it was never disclosed to shareholders.
The Daily Telegraph reports the £127m hole uncovered in 2007 led to lawsuits and the liquidation of the Swiss subsidiary in which it took place. SocGen did not refer to the problems in any of its annual reports published at the time. The loss occurred within weeks of the investment bank uncovering the much larger multi-billion fraud by Kerviel (pictured). According to the Telegraph, the alleged fraud took place in December 2007 at Rosbank Switzerland, the Swiss branch of SocGen's Russian subsidiary Rosbank. It is detailed in Rosbank's 2007 annual report in which it is described as ...
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