By Tara Patel
Sept. 11 (Bloomberg) -- Etablissements Maurel & Prom SA said positions from unauthorized trading in the foreign exchange market aren't unwound.
The positions, which may result in losses for the French oil company of as much as 35.8 million euros ($53 million), are ``protected but not unwound,'' Chief Executive Officer Jean- Francois Henin said at a press conference today.
Legal action hasn't been taken against the employee responsible for the trades or the bank through which they were conducted, he said.
Controls within the company have been increased to prevent a recurrence, he said, adding that he would personally oversee future trading positions. The incident wouldn't change the company's policy on dividends, Henin said.
``Our trust was broken,'' he said. ``This has hurt our reputation.''
Maurel had a 14.8 million euro loss from the transactions in the first half and may have a further shortfall of as much as 21 million euros once the positions are unwound, the company said Aug. 29.
To contact the reporter on this story: Tara Patel in Paris at tpatel2@bloomberg.net
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