Milan prosecutors requested on Thursday jail terms for former executives of Italian bank Monte dei Paschi di Siena and the seizure of over 440 million euros ($492 million) from Deutsche Bank AG and Japanese financial holding Nomura each for falsifying the accounts of the troubled Italian financial institution, local media reported
ROME (Pakistan Point News / Sputnik - 16th May, 2019) Milan prosecutors requested on Thursday jail terms for former executives of Italian bank Monte dei Paschi di Siena and the seizure of over 440 million euros ($492 million) from Deutsche Bank AG and Japanese financial holding Nomura each for falsifying the accounts of the troubled Italian financial institution, local media reported.Monte dei Paschi, founded in the Italian city of Siena back in 1472, has come into the spotlight after it was revealed that its leadership had hidden information about the bank's losses. The prosecutors believe that Monte Paschi had carried out a number of derivative transactions to hide 2 billion euros in losses as a result of the 2008 purchase of bank Antonveneta.
According to la Repubblica newspaper, the prosecutors seek eight-year jail terms for former Monte dei Paschi President Giuseppe Mussari and ex-director general Antonio Vigni, as well as six years in prison for the bank's former finance department chief, Gianluca Baldassarri. In total, 16 people have been charged as part of a years-long investigation into the case.
Along with seizure of 444.8 million euros from Nomura and 440.9 million euros from Deutsche Bank, the prosecutors also reportedly want to fine each of them 1.8 million euros.
