A Fimat spokesman revealed Bakir had initiated an internal investigation into Kerviel's activities, which cost SG €4.9 billion ($7.1 billion) in losses by the time it abandoned his fraudulent positions last month. Two days before SG revealed the scale of its losses, Fimat was merged with another broker subsidiary Calyon into new brokerage NewEdge. It is believed the details of the merger meant Bakir's investigation was shelved, allowing Kerviel's trades to continue.

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