PARIS: France’s finance ministry has started the process to reclaim a 2.2 billion euro ($2.44 billion) tax deduction granted to Societe Generale after losses caused by its rogue trader Jerome Kerviel, Les Echos newspaper reported on Monday.
Finance Minister Michel Sapin said on Nov. 3 state tax experts would decide “within days” whether the funds should be recovered.
A French court said in September the former trader was liable for only 1 million euros of the 4.9 billion in losses he racked up at the bank in 2008, the latest in a series of judgements on the case. Societe Generale declined to comment saying the deduction was covered by tax confidentiality, but that it would use all legal means to defend itself. Les Echos did not give a source for its information.
