The Milanese trial for Ps. The Sienese bank has negotiated a fine of 600 thousand euros e the confiscation of 10 million euros. The agreement proposal presented last July was accepted by the prosecutors (Mauro Clerici, Stefano Ciardi and Giordano Baggio) and was ratified this morning by judge Livio Cristofano. The institute was charged under law 231 on administrative liability for crimes committed by its managers.
At this point, the former leaders remain in the dock, including the former president Joseph Mussari and the former general manager Antonio Vigni, to which are added the former managers of Deutsche Bank and Nomura.
The trial, which began three and a half years ago and moved to Milan, involved various events: the derivatives Santorini and Alexandriasigned with Deutsche Bank and Nomura respectively, the loan that allowed the purchase of Antonveneta with unbalanced capital parameters e the securitization of real estate transactions Chianti Classico.
These operations had ended up in the crosshairs of the Sienese prosecutors and the Gdf's Currency unit with the prevalent accusation of obstacle to supervision. The Milanese prosecutors concentrated on the crime of market manipulation, ie false communications to the market, bringing together in a single file what was divided into two parts in Siena (the loan for Antonveneta and the derivatives with foreign banks).
According to the investigators, the financial products would have covered holes in the balance sheet and guaranteed unlawful profits. The hypothesis is that Mps bought Antonveneta in 2008 without adequate capital ratios. Thus, to embellish the balance sheet and not show the disbursement and drainage of liquidity (17 billion between actual cost and unrecovered credits), the top management of MPS resorted to the Santorini and Alexandria derivatives (for which an civil agreement).
