Sept 16, 2010
George Soros, the international investor and one of the world’s richest men, is to have his 2002 criminal conviction for insider trading reviewed by the European Court of Human Rights.
Mr Soros appealed to Strasbourg after he was convicted by a French court of insider trading in 2002 in relation to his conduct during a takeover battle in 1988 involving one of the country’s biggest banks, Société Générale.
The affair, involving an abortive stock market raid by Georges Pébereau, the French financier, to buy control of SG, implicated several businessmen and caused turmoil in French politics at the time.
In 1988, an investor invited Mr Soros to take part in an operation to buy up shares in SocGen in a bid to take it over. After studying the offer, he declined. A few days later he had his investment company buy $50m worth of shares in four French companies including the bank and subsequently sold some of the stock.
This article was posted: Thursday, September 16, 2010 at 3:16 am