Domenica, 23 Settembre 2018

Market watchdog flags possible manipulation at MPS


Rome, February 18 - Italian stock exchange watchdog
Consob warned the Siena prosecutor's office of possible grounds
for market manipulation at the troubled lender Monte
dei Paschi di Siena (MPS), the newspaper La Repubblica reported
on Monday.
The move piles a new area of criminal inquiry on a series
of probes having to do with the bank's 2008 acquisition of bank
rival Banca Antonveneta and operations that followed.
"From the examination of documents, elements emerge" making
it "appear appropriate to communicate to the prosecutors of
Siena" that there may be criminal evidence of "market
manipulation," Consob wrote in its letter to the prosecutor's
office, according to La Repubblica.
Consob drew attention in particular to the "actions carried
out by (MPS) officials2 in the "structuring" of an operation to
reinforce bank capital for the Antonveneta acquisition, as well
as "information2 regarding "regulatory capital and the capital
ratios exhibited" in the semester results of June 30, 2008.
Consob's report is a response to a request made last
December by a Siena prosecutor to make an assessment.
Consob reviewed MPS operations from March 28 2008 to
January 31, 2013, and noted that in the last year, from January
26, 2012 to January 14, 2013, Consob sent to Siena 14
informational notes with documentation signaling "facts" of
"criminal relevance".

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