The Milan prosecutor's office is investigating derivative contracts concluded between Deutsche Bank and Monte dei Paschi di Siena. Deutsche Bank reports this in a note. “The Milan public prosecutor's office has an investigation underway which includes transactions that we concluded with Banca Monte dei Paschi di Siena in 2008 – reads the note from the German bank -. We are collaborating with these investigations."
Previously, after the news was written by two Italian newspapers today, two sources with direct knowledge of the dossier had also confirmed the entry in the German bank's register of suspects after the transfer of the MPS proceedings to Milan under the jurisdiction of the prosecutor of Siena, adding that Deutsche is under investigation on the basis of law 231 for the liability of companies in relation to the predicate crimes of aiding and trading and false accounting alleged against one of its managers who at the material time was in charge of the operations had led to the subscription by MPS of the derivative Santorini in 2002, then restructured in 2008 and closed in 2013.
The sources specify that the registration of Deutsche Bank goes back in time and define it as "obvious" after the transfer of the documents from Siena, because the story of the Santorini derivative is considered "mirror" with respect to that of the Alexandria derivative for which two weeks ago the Milan prosecutor's office closed the investigation against, as well as MPS and its former top management, Nomura and one of his managers.
The deal concluded between MPS and Deutsche Bank on Santorini in 2013 resulted in a one-off charge of 194 million euros on the accounts of the Italian bank. Mps, to close the contract, paid a transaction worth 525 million, with a discount of around 220 million on market values. Santorini is one of the three derivatives at the center of the Milanese investigation, which resulted in a loss of 730 million euros in MPS's 2012 budget.
Unlike Santorini, the Alexandria contract with Nomura is still ongoing (the ECB has asked Mps for an early closure by July) and the Sienese bank has sued the Japanese bank for damages in the Civil Court of Florence, asking for "at least" 750 million euros.
