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Kerviel's fine the size of 20 Airbus A380s
October 5, 2010 / 3:54 PM / in 7 years

Kerviel's fine the size of 20 Airbus A380s

PARIS, Oct 5 (Reuters) - A 4.9 billion euros ($6.8 billion) fine on ex-trader Jerome Kerviel equates to 3.2 percent of France’s central government deficit for 2010, the GDP of Monaco or 16 percent of SocGen’s market value, according to Reuters calculations.

Kerviel, whose monthly salary as a technology consultant is 2,300 euros, has been told to pay the fine to his former employer Societe Generale (SOGN.PA) as well as serving three years behind bars after his risky market bets almost sank the French bank. [ID:nLDE6940L9]

The record damages would also cover the purchase of around twenty Airbus A380 double-decker planes and also equate to the amount Russian mobile operator Vimpelcom VIP.N is paying to buy Italian mobile group Wind and take control of Egyptian operator Orascom Telecom ORTE.CA. [ID:nLDE6930OI]

Despite the bill’s huge size, Kerviel has time on his hands. The verdict is suspended until his appeal is completed and that is unlikely to happen before 2012, lawyers say.

A SocGen spokeswoman would not comment on whether the bank would press for repayment but said the award of damages showed clearly “the exceptional damage suffered by the bank and its employees.” (Reporting by Thierry Leveque; Writing by Lionel Laurent; Editing by David Holmes) ($1=.7261 Euro)

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