Mercoledì, 17 Ottobre 2018

Former MPS finance chief detained in Italian fraud probe


Rome, February 14 - The former head of the finance
department of Monte dei Pasch di Siena (MPS), Gianluca
Baldassari, was detained on Thursday as part of an investigation
into fraud at the troubled Italian bank.
Police said there was a risk the probed manager, who is
being investigated for criminal association and aggravated
fraud, may try to flee.
Siena prosecutors have in previous days ordered the seizure
of some 20 million euros in assets which Baldassari - who was
arrested in Milan - is accused of having entrusted to two
fiduciary companies, Galvani Fiduciaria and Compagnia Fiduciaria
According to the investigators, the money was initially
held in foreign accounts and subsequently repatriated to Italy
under a tax amnesty program.
The Siena prosecutors say they are certain that the money,
as well as some other 40 million euros seized from Baldassari
and other suspects, was obtained illegally.
Furthermore, the prosecutors say that the money is proof of
illicit operations carried out in the bank by finance
MPS, Italy's third-largest lender and oldest bank, is
creaking under the weight of failed derivatives transactions and
a corruption scandal which has involved some of the bank's top
The bank was thrown into crisis in January when it emerged
that a shady series of derivative and structured finance deals
produced losses in excess of 720 million euros.

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