Martedì, 23 Ottobre 2018

Siena prosecutors open probe in MPS case


Siena, January 29 - Prosecutors in Siena have
opened a probe against the former head and other top managers of
troubled lender Monte dei Paschi di Siena (MPS).
According to judicial sources, prosecutors are probing
former president Giuseppe Mussari as well as other executives
for ''fraud with respect to the shareholders of Montepaschi,''
as the Siena-based bank - the world's oldest - is called.
The new probe is based on a series of claims presented by
some of the bank's shareholders to Italy's stock market
watchdog, Consob, and to the Bank of Italy, from 2008 to 2011.
The claims focus on Montepaschi's takeover of smaller
lender Antonveneta, which, according to investor claims, was
carried out with insufficient diligence, without the ''necessary
authorizations required by banking laws'' and for a sum - nine
billion euros - which allegedly overvalued it and caused a
strain on MPS's finances.
The Siena-based lender is also embroiled in a crisis over
lossmaking derivatives trades which could cost it some 720
million euros.
The European Commission recently gave provisional backing
to a 3.9-billion-euro Italian government bond issue for the bank
''to preserve the stability of the Italian financial system''.
Meanwhile, authorities confirmed Monday that the bank faces
at least two tax audits.

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