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French Court Indicts Seamy Soros

  • Money market speculator George Soros has been indicted by a Parisian court for dirty dealings in France.
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By Martin Mann

George Soros, self-styled "benefactor" of backward nations, has been hit with a criminal indictment in Paris on charges, long rumored on Wall Street and reported in this populist newspaper that his billion-dollar raids on national currencies and financial institutions were not based on peerless financial acumen, but on illegally acquired inside information.

After 12 years of high-level investigation, Judge of Instruction (i.e. senior prosecutor) Isabelle Prevost-Desprez issued an indictment on Dec. 21, charging four major figures with using and profiting from illegally obtained inside information in a takeover raid on Societe Ge nerale, one of the largest French financial institutions to be privatized in l987.

Shortly afterward, Charles Naouri, then the director-general of France's finance ministry, bank executive Jean-Pierre Peyraud, go-between Samir Traboulsi and the American businessman George Soros, formed a criminal conspiracy to take over the newly privatized giant bank, using confidential data purloined from Societe Generale and from the records of French financial authorities, the indictment alleges.

Although the takeover raid was not wholly successful, Soros profited from it to the tune of some $16 million, the in dictment charges.

The criminal case involving Soros is linked to a new series of corruption scandals involving high personalities of Parisian society, French diplomatic sources have told The SPOTLIGHT.

The day she issued the indictment of Soros, Judge Prevost-Desprez also or der ed the arrest of Jean-Christophe Mit ter and, son of former French Presi dent Francois Mitterand, who was found to have numbered Swiss bank accounts to taling $1.8 million, whose origins he could not explain.

"Wall Street has long wondered how Soros came to make all those winning high-stakes bets on mere speculation," said veteran Wall Street portfolio manager Mario Terranova. Perhaps now the revelations of his insider-trading trial in France (scheduled to begin early this year) will provide an explanation.