According to a new report the rogue trader at the centre of the trading scandal which cost Societe Generale 4.9 billion euros, may hay have had help from another trader.
Initial findings against Jerome Kerviel suggested that he acted alone. A new report however, put together by three independent directors, said that a number of Kerviel's fraudulent transactions were processed by an unidentified assistant trader.
According to the report an electronic message suggested the second trader knew that Kerviel's transactions were fraudulent.
The report also claimed Societe Generale had been negligent in failing to detect Kerviel's activities. Kerviel's direct supervisor was described as inexperienced and as not having enough support to do his job to the right standard.
The report said, The fraud was facilitated, or its detection delayed, by supervisory weaknesses over the trader and the market activities checking, reports the BBC.
It continued, The trader's hierarchy, which constituted the first control level, showed itself negligent in the supervision of his activities.
Kerviel's supervisor showed inappropriate tolerance to the positions taken, the report said.
Kerviel is currently on bail and is charged with breach of trust, fabricating documents and illegally accessing computers. Kerviel has denied doing anything wrong and has maintained that Societe Generale knew what he was doing but chose to keep quiet.