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French tax body to decide on Socgen Kerviel affair 'within days'
November 3, 2016 / 8:47 AM / a year ago

French tax body to decide on Socgen Kerviel affair 'within days'

PARIS (Reuters) - State tax experts will decide “within days” whether a 2.2 billion euros (2 billion pound) tax deduction granted to Societe Generale (SOGN.PA) after losses caused by its rogue trader Jerome Kerviel should be reclaimed, France’s finance minister said on Thursday.

The logo of Societe Generale Private Banking is seen at an office building in Zurich, Switzerland October 13, 2016. REUTERS/Arnd Wiegmann

Michel Sapin told France Info radio he had ask his tax administration officials to act swiftly. “I think it is a matter of days,” he said.

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.

At the time, Societe Generale had been allowed to set off about 2.2 billion euros in tax against the loss.

Industry analysts have said a possible reclaim by the government would put the bank’s dividend at risk and affect its capital adequacy ratios.

Reporting by Matthias Blamont; Editing by Andrew Callus

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