Lunedì, 24 Settembre 2018

Trani prosecutors probe derivatives deals at 5 Italian banks


(see relates stories)
Trani, February 1 - Prosecutors in the southern
city of Trani have placed dozens of people under investigation
on suspicion of usury and fraud in relation to derivatives
operations at five major Italian banks including the troubled
Monte dei Paschi di Siena (MPS).
The probe, opened several months ago, also reportedly
involves BNL, Unicredit, Intesa San Paolo and Credem.
Prosecutors are investigating bank officials and managers
believed to have traded in junk bond derivatives resulting in
significant losses to investors.
Some foreing money market traders are also under
They are also trying to identify the representatives of the
two main supervisory bodies, the Bank of Italy and stock-market
regulator Consob, responsible for ensuring the genuineness of
the derivatives deals.
They could now face charges of lack of proper oversight.
MPS came under public scrutiny last week following
revelations of previously undisclosed losses of 720 million
euros as a result of at least two shady derivatives deals.
The scandal triggered a rush of criminal investigations and
a political storm over the alleged interference of political
parties in the banking sector.
The centre-left Democratic Party (Pd) has a big presence in
the foundation that controls MPS, headquartered in its
historical stronghold of Siena.

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