Giovedì, 20 Settembre 2018

Audit Court probes Rome council derivatives


Rome, February 20 - Italy's Audit Court said
Wednesday it has launched an investigation into the use of
derivatives by the City of Rome.
As the court officially opened its new judicial year, the
probe was announced by Raffaele De Dominicis, the prosecutor for
the Regional Audit Court of Lazio, the province centred around
The probe, still in its preliminary stages, involves
derivative contracts that were signed several years ago, De
Dominicis told a news conference.
The announcement comes several weeks after a Milan judge
convicted four foreign banks for their role in a derivatives
fraud against the city of Milan between 2005 and 2007.
Deutsche Bank, JPMorgan Chase & Co., UBS AG, and Depfa Bank
Plc., which have denied the charges, were convicted in late
December of overseeing fraud by their staff in the sale of
derivatives to the city of Milan.
The trial involving the four banks began in May 2010, when
the banks were accused of defrauding the city government by
hiding how much they made on the derivatives.
The complex financial instruments have also been in Italian
news recently as part of a crisis at Monte dei Paschi di Siena
(MPS) bank.
Besides poor and possible criminal management, prosecutors
are probing loss-making derivatives trades which could cost
Italy's third-largest bank some 720 million euros.

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