Il Gip of Milan Guido Salvini has dismissal request rejected advanced by the Milan Public Prosecutor's Office for the former top management of MPS: Alessandro Profumo (president), Fabrizio Viola (Ad) e paolo salvadori (Chairman of the board of statutory auditors). The three managers were investigated for false accounting relative to management of Montepaschi's non-performing loans in the period 2012-2015.
The Reuters agency anticipated the news, specifying that the judge for the preliminary investigations has sent the file back to the Public Prosecutor's Office, which will have to carry out investigations into the three managers for another nine months.
Instead, he confirms the filing for Monte dei Paschi, investigated as a legal entity under law 231.
The suspects are suspected of not having correctly accounted for the loans disbursed by Mps, thus falsifying the information documents intended for shareholders in view of the capital increase.
According to the consultants interviewed by the investigators, the former Montepaschi management acted correctly, but in May 2018 the small shareholders of the institute had opposed the request for dismissal presented by the magistrates.
"The filing request presented by the Public Prosecutor's Office - writes the magistrate – does not offer a satisfactory answer, as it limits itself to reporting the declarations above all of some Bank of Italy officials without reconstructing the complex story of the exposure of non-performing loans in an organic way”.
The investigating judge therefore asks the Public Prosecutor's Office to check "whether the valuation of the credits recorded in the financial statements and in the half-yearly reports, and the corresponding adjustments, were correct from an accounting and legal point of view, with specific reference to non-performing loans".
The judge also asks to “establish the possible correct book value of the non-performing loans in the reference years 2012-2015 which should have been recorded in the accounting documents; verify what economic and financial impact on the accounting documents would have had any correct adjustment identified by the consultants through the correct entry in the financial statements of significant portions of non-performing loans”.
Finally, the investigating magistrate asks the investigators to verify the Bank's equity in the years concerned with the outcome of any adjustments to non-performing loans and with reference to the indicators and regulations of the Basel Committee, "in order to understand whether the banking activity forwarded by Monte Paschi, as well as the capital increases carried out on the market in those years, and the dutiful correct information to the public by the Institute were consistent and truthful with the actual balance sheet situation of the Bank and if the information conveyed to the public was consistent with what was found in the documents cited".
