{"id":54289,"date":"2023-12-11T17:55:20","date_gmt":"2023-12-11T17:55:20","guid":{"rendered":"https:\/\/prosfunds.com\/business\/italian-court-acquits-former-monte-dei-paschi-bosses-in-derivatives-case\/"},"modified":"2023-12-11T17:55:20","modified_gmt":"2023-12-11T17:55:20","slug":"italian-court-acquits-former-monte-dei-paschi-bosses-in-derivatives-case","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=54289","title":{"rendered":"Italian court acquits former Monte dei Paschi bosses in derivatives case"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=fe4f059e-706c-4cf5-a291-7cd9a9f8df27\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>An Italian court has reversed convictions for market manipulation and false accounting against Monte dei Paschi di Siena\u2019s former top management, dealing a blow to the prosecution of one of the most high profile financial crime cases.<\/p>\n<p>On Monday the Milanese appeals court ruled that no crime was committed, overturning a 2020 ruling. Shares rose as much as 4 per cent in Milan after the ruling.<\/p>\n<p>Three years ago Alessandro Profumo, the bank\u2019s chair between 2012 and 2015, and its former chief executive Fabrizio Viola, were found guilty of booking derivatives transactions structured by their predecessors as \u201crepurchase agreements.\u201d <\/p>\n<p>Monday\u2019s ruling brings relief to the state-owned bank, which set aside billions for potential damage claims in connection to this case and another one involving the institutions and executives that initially structured the transactions. It also paves the way for a more lucrative privatisation than anticipated.<\/p>\n<p>The Italian government bailed MPS out in 2017 after the bank failed to raise capital as losses on the derivatives deals piled up due to the country\u2019s sovereign debt crisis. The lender is due to be privatised by the end of next year as part of an agreement with the European Commission for approving the state-led rescue.<\/p>\n<p>Last month Rome sold a 25 per cent stake in the lender, after a turnaround plan led by chief executive Luigi Lovaglio resulted in an upgrade of its credit ratings.<\/p>\n<p>In 2013 MPS restated its accounts after it emerged that the transactions \u2014 known as Alexandria and Santorini \u2014 were used by Profumo and Viola\u2019s predecessors to mask losses linked to its exposure to the country\u2019s government bonds at the height of sovereign debt crisis.\u00a0<\/p>\n<p>Two years later, Consob, the national financial regulator, requested that the lender amend how it had booked the transactions on its balance sheet to reflect that they were derivatives.<\/p>\n<p>But in October Italy\u2019s supreme court upheld a ruling acquitting Viola\u2019s and Profumo\u2019s predecessors as well as other former executives at Deutsche Bank and Nomura, who had first structured the transactions between 2008 and 2012.<\/p>\n<p>The bank subsequently reduced its estimates for legal claims and said the risk linked to some of those claims, previously considered \u201cpossible\u201d, had become \u201cremote\u201d.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/fe4f059e-706c-4cf5-a291-7cd9a9f8df27\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. An Italian court has reversed convictions for market manipulation and false accounting against Monte dei Paschi di Siena\u2019s former top management, dealing a blow to the prosecution of one of the most high profile financial [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-54289","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Italian court acquits former Monte dei Paschi bosses in derivatives case | Prosfunds<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.An Italian court has 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