Breaking News
Get 40% Off 0
Is NVDA a 🟢 buy or 🔴 sell? Unlock Now

Italy court postpones derivatives trial verdict on ex Monte Paschi execs

Published Nov 27, 2023 10:20 Updated Nov 27, 2023 10:36
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Banca Monte dei Paschi di Siena Chairman Alessandro Profumo (L) and Chief Executive Officer Fabrizio Viola attend a news conference at the company's headquarters in Siena May 10, 2012. REUTERS/Giampiero Sposito/File Photo
 
BMPS
+2.16%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

MILAN (Reuters) - An Italian appeals court on Monday postponed its verdict in the case of three former executives of Banca Monte dei Paschi di Siena over derivative deals blamed for playing a part in the downfall of the Tuscan lender.

The Milan Court of Appeal deferred the verdict to Dec. 11 due to one of the three judges on the panel being unwell.

The verdict is being closely watched by investors in Monte Paschi since the derivatives cases, together with losses suffered by MPS during the euro zone debt crisis, had threatened to destabilise Italy's financial industry and forced the lender to seek an 8 billion euro bailout in 2017.

Lemanik fund manager Andrea Scauri said last week that in the case of an acquittal legal risks would be wiped out for Monte dei Paschi, triggering a release of provisions and the possible advance payment of a dividend.

The bank's former chairman Alessandro Profumo, former CEO Fabrizio Viola and the former president of statutory auditors Paolo Salvadori are defendants in a trial for false accounting and market rigging.

In the initial trial, Profumo and Viola were each handed a jail sentence of six years for allegedly not having correctly booked two derivative transactions, known as Santorini and Alexandria, between 2012 and 2015. Salvadori received three-and-a-half year sentence.

However, the main trial on these same deals affecting the bank's accounts between 2009 and 2011 ended on Oct. 11 with the final acquittal of all 15 defendants, including Deutsche Bank (ETR:DBKGn) and Nomura, by Italy's highest court.

Milan prosecutors had asked in 2018 for the Viola-Profumo case to be dropped, saying the executives had followed the regulators' accounting guidelines, but the judge rejected the request and sent them to trial.

Italy court postpones derivatives trial verdict on ex Monte Paschi execs
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email