George Soros to Stand Trial in France for insider Dealing

Published December 22nd, 2000 - 02:00 GMT

A Paris judge has ordered American financier George Soros to stand trial on insider dealing charges in connection with a hostile bid for part of the French bank Societe Generale 12 years ago, court officials said Friday. 

Soros was committed for trial in December 19, along with three other leading businessmen including Jean-Charles Naouri, former cabinet director of the late Socialist finance minister Pierre Beregevoy. 

The other two named in the order are Lebanese financier Samir Traboulsi and French banker Jean-Pierre Peyraud. Seven others connected to the case have been amnestied or had charges against them dropped. 

The four are suspected of having benefited from privileged information in 1988 in advance of a stock-market raid by a French investment company -- Marceau Investissements -- which ended up acquiring 10 percent of Societe Generale's capital. 

The raid provoked a political storm at the time because of allegations it was conducted with the knowledge of the Socialist government of the time. Societe Generale had been privatized by the outgoing rightwing government in 1987. 

According to Le Monde newspaper Friday, Soros made 2.2 million dollars dealing in Societe Generale shares in the run-up to the raid, and Peyraud 4.6 million dollars. 

The trial is to take place next year, the court officials said -- PARIS (AFP)  

 

 

© 2000 Al Bawaba (www.albawaba.com)

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