Scandal-hit French bank to release probe reports

Troubled French bank Societe Generale SA will publish two related reports today into what went wrong during a multi-billion-euro trading scandal uncovered in January this year.

An internal report by a three-person committee of independent directors headed by former car executive Jean-Martin Folz and a report by auditing company PriceWaterhouseCoopers will be made public after the Paris stock market closes, Societe Generale spokeswoman Stephanie Carson-Parker said.

A preliminary probe by the committee said the bank failed to follow up on 75 warnings and said that trader Jerome Kerviel acted alone.

Investigators promised a full report before the annual shareholder meeting, which takes place May 27.

Societe Generale has claimed Kerviel began trading illicitly in 2005 for modest amounts and later built up to bets totalling some €50bn discovered on January 18, which the bank then liquidated.