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-Caveat Lector-
http://seattlepi.nwsource.com/business/apbiz_story.asp?category=1310&slug=In
sider%20Trading%20Soros
Thursday, November 7, 2002 · Last updated 3:13 p.m. PT
Soros, 2 Others Go on Trial in France
By VERENA VON DERSCHAU
ASSOCIATED PRESS WRITER
American billionaire investor George Soros arrives at the Paris courthouse
Thursday Nov. 7, 2002, where he and three other defendants go to trial for
their alleged role in a fourteen year-old insider-trading case at French
bank Societe Generale. The four men are suspected of having benefitted from
privileged information in 1988 during an operation to buy up stock in
Societe Generale before a failed takeover that pushed up the prices. Man at
right is unidentified.
http://seattlepi.nwsource.com/dayart/aponline/54762.47FRANCE-INSIDER-TRADING
-SOROS.sff.jpg
(AP Photo/Laurent Rebours)
PARIS -- American billionaire George Soros went on trial Thursday with two
others for their alleged roles in a 14-year-old insider-trading case, one of
the highest-profile financial scandals in France.
Soros, president of the New York-based Soros Fund Management, appeared at
the Paris Criminal Court for the opening of the trial in which he and other
businessmen are accused of buying stock in the French bank Societe Generale
before a takeover bid that briefly pushed up the price. The takeover effort
failed.
The Hungarian-born Soros is one of four defendants left of 11 people who
were placed under formal investigation. The others had charges against them
dismissed by a French judge. Two other businessmen implicated in the
scandal - Edmond Safra and Robert Maxwell - have died.
The remaining defendants are Lebanese businessman Samir Traboulsi and
Jean-Charles Naouri, who is the former head of the office of then-Finance
Minister Pierre Beregovoy.
Soros and Naouri face charges of insider trading, while Traboulsi faces a
lesser charge.
A charge of insider trading can bring a maximum of two years in prison and a
$1.5 million fine, though such a heavy sentence is unlikely.
According to court documents, Soros is accused of profiting by $2.2 million;
Traboulsi, $3.5 million; and Naouri, $289,200.
Former French banker Jean-Pierre Peyraud was also scheduled to stand trial,
but the court ruled the 88-year-old must undergo a medical analysis because
of problems with his memory and cardiovascular system. His case will be
heard in January.
The defendants are suspected of having benefited from privileged information
during an operation to try to buy up part of the capital of Societe
Generale, which was privatized in 1987.
The bank's stock price rose during an unsuccessful takeover bid in 1988. The
defendants are accused of having getting inside information before the
abortive corporate raid pushed up the stock price.
All have denied the allegations. Soros said he hoped the trial would "show
that I am not involved, that I got inadvertently involved in this
situation."
"I have learned a lot today about the Societe Generale that I never knew
before, and I am sure that I will be exonerated," he said after the hearing.
As the trial began, defense lawyers said the case should be thrown out
because it took so long to bring to court.
Prosecutor Marie-Christine Daubigney argued the French justice system was
not to blame. She said the case was held up by authorities in Switzerland
who took years to respond to information requests. The court decided not to
throw out the case.
Born in Hungary in 1930, Soros emigrated to the United States in 1956 and
became a citizen five years later. In 1973, he established the Soros Fund
Management. He has spent recent years engaged in philanthropy.
The trial is expected to last until a final hearing Nov. 20, and the verdict
will likely come later.
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<A HREF="http://www.ctrl.org/";>www.ctrl.org</A>
DECLARATION & DISCLAIMER
==========
CTRL is a discussion & informational exchange list. Proselytizing propagandic
screeds are unwelcomed. Substance—not soap-boxing—please! These are
sordid matters and 'conspiracy theory'—with its many half-truths, mis-
directions and outright frauds—is used politically by different groups with
major and minor effects spread throughout the spectrum of time and thought.
That being said, CTRLgives no endorsement to the validity of posts, and
always suggests to readers; be wary of what you read. CTRL gives no
credence to Holocaust denial and nazi's need not apply.
Let us please be civil and as always, Caveat Lector.
========================================================================
Archives Available at:
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