Venerdì, 19 Ottobre 2018

Audit Court orders cancellation of onerous derivatives deals


Rome, February 8 - Italy's Audit Court on Friday
told local governments to cancel costly derivatives agreements
or face possible legal proceedings.
''The risks are numerous and unpredictable,'' said the
general prosecutor's office of the Audit Court in a statement.
For this reason local administrations should ''take due
measures to terminate excessively onerous contracts''.
The court said administrators could count on support from
ordinary and administrative judges in cancelling contracts and
that failure to comply could lead to charges of gross negligence
against them.
The order follows the financial scandal surrounding
troubled lender Monte dei Paschi di Siena (MPS), which recently
disclosed previously undeclared losses to the tune of 730
million euros resulting from at least two high-risk derivatives
operations, and the December conviction of four international
banks for alleged fraud over the sale of derivatives to the city
of Milan.
Prosecutors alleged Milan lost 105 million euros as part of
the sale of bonds worth 1.69 billion euros between 2005 and 2007
by Deutsche Bank, JPMorgan Chase & Co., UBS AG, and Depfa Bank
Plc, which stood accused of defrauding the city by hiding how
much they earned.
The banks all denied any wrongdoing.

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