Italian Court Convicts Deutsche Bank, Nomura In Monte Paschi Derivative Trial

www.oann.com | 7/8/2019 | Staff
bluelilly (Posted by) Level 3
MILAN (Reuters) – An Italian court on Friday convicted 13 former bankers from Deutsche Bank, Nomura and Monte dei Paschi di Siena over derivative transactions that prosecutors say helped the world’s oldest bank conceal massive losses.

The verdict, read in court by lead judge Lorella Trovato, also ordered the seizure of 64 million euros ($70.5 million) from Deutsche Bank and 88 million euros from Nomura as part of the sentence.

Monte - Paschi - Settlement - Court - Case

Monte dei Paschi reached a settlement with the court over the case in 2016 at a cost of 10.6 million euros.

The case centres on two controversial derivatives deals – known as Alexandria and Santorini – that Nomura and Deutsche Bank arranged for Monte dei Paschi in 2009.

Prosecutors - Deals - Monte - Paschi - Italy

Prosecutors said the deals helped Monte dei Paschi, which was founded in 1472 and is Italy’s fourth biggest lender, hide more than 2 billion euros of losses racked up after the costly acquisition of a smaller rival in 2008.

“We are disappointed with the verdict. We will review the rationale for it once it is published,” Deutsche Bank said in a statement. Nomura had no immediate comment.

Scandal - Losses - Bank - Euro - Zone

The scandal, together with more losses suffered by the bank during the euro zone debt crisis, threatened to destabilize Italy’s financial industry and forced the Siena-based lender to seek an 8 billion euro state bailout in 2017.

In the trial, which...
(Excerpt) Read more at: www.oann.com
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