Paris court postpones Soros appeal

28th January 2004, Comments 0 comments

PARIS, Jan 28 (AFP) - A French court on Wednesday postponed until next year the appeals hearing of US financier George Soros, convicted in December 2002 of insider trading and fined EUR 2.2 million (USD 2.8 million).

PARIS, Jan 28 (AFP) - A French court on Wednesday postponed until next year the appeals hearing of US financier George Soros, convicted in December 2002 of insider trading and fined EUR 2.2 million (USD 2.8 million).

The billionaire and philanthropist was found guilty of using privileged information to speculate in shares of the French bank Societe Generale during a failed takeover bid in 1988.

The Paris appeals court rescheduled the hearing for February 10, 2005 at the request of Soros' defense team, which asked for more time to prepare their case.

At the time of his conviction, Soros said he was "astounded and dismayed by the court's ruling" and vowed to appeal "to the highest level necessary".

"Let me repeat now what I have maintained from the start: at no point was I in possession of inside information regarding Societe Generale. The charges against me are unfounded and without merit," he said.

Two of Soros' co-accused - Lebanese financier and middleman Samir
Traboulsi and Jean-Charles Naouri, an aide to the late Socialist finance minister Pierre Beregevoy - were acquitted.

The Societe Generale affair was widely cited as evidence of a climate of illicit collusion linking the worlds of politics, business and high finance under Francois Mitterrand, France's Socialist president from 1981 to 1995.

© AFP

                                Subject: France news

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