Soros to stand trial in French insider trading case

Billionaire financier Mr George Soros and three others will go on trial in France tomorrow accused of insider trading linked …

Billionaire financier Mr George Soros and three others will go on trial in France tomorrow accused of insider trading linked to a failed 1988 takeover bid for the French bank Societe Generale.

The four are accused of earning some $11 million speculating on Societe Generale stocks before the takeover bid became public knowledge. The case has taken 14 years to come to trial because of delays in getting information from other countries involved.

Apart from Mr Soros, the others on trial are a French former finance minister's adviser, Mr Jean-Charles Naouri, banker Mr Jean-Pierre Peyraud and Lebanese businessman Mr Samir Traboulsi.

The corporate raider in the case, Mr Georges Pebereau, received an amnesty in 1995 while seven others were cleared in a separate hearing two years ago.

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Mr Soros took the international stage 10 years ago after he calculated correctly that sterling would not hold its allotted value in the European Exchange Rate Mechanism (ERM).

Funds he managed made nearly $1 billion when sterling was finally forced from the ERM by waves of speculation against it.

Since then Mr Soros has set about using his fortune and network of foundations to help tackle what he sees as the failures of a global financial market system that penalises poor countries.

French investigators sought information from authorities in the Netherlands, Britain, Switzerland and Luxembourg to track allegedly suspect financial movements in the case but acknowledge many questions remain unanswered.

The trial is due to last until November 20th. No date has been given for a verdict.