Martedì, 16 Ottobre 2018

MPS reported for not providing correct information


Rome, August 23 - Consumer association Codacons on
Friday said it filed a report to Italy's stock market watchdog
Consob in February against the current management of Italy's
third-biggest bank, Monte dei Paschi di Siena (MPS) in which it
claims it provided "incorrect or only partially complete"
information about the financing of its Banca Antonveneta
acquisition, as well as a state-debt transaction the lender
executed with investment bank Nomura.
The data in question relates to information provided by MPS
on April 23, 2012, April 24 2012, May 10, 2012, June 25, 2012,
July 6, 2012, July 20, 2012 and October 1, 2012, when the new
management team headed by Chairman Alessandro Profumo and CEO
Fabrizio Viola were already in place, Codacons said in a
Consob has asked prosecutors to open an investigation to
determine whether MPS engaged in practises that served to
obstruct regulators.
Consob already in September 2012 recognized that the
MPS-Nomura transaction could have embedded within it a hidden
credit default swap, and as such had forced MPS to correct its
accounts, Codacons said.
In January this year Codacons had announced it was suing
the bank for damage compensation on behalf of clients and
shareholders affected by a derivatives scandal.
Investigations into the bank began early this year after it
emerged that a previously undisclosed series of derivative and
structured-finance deals produced losses of around 720 million
euros for MPS.

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