Former UniCredit’s CEO to stand trial for tax fraud

Alessandro Profumo, former chief executive at Italian bank UniCredit, will stand trial for its involvement in “project Brontos”, a complex financial instrument allegedly set up by Barclays to the benefit of UniCredit.

The suspected tax fraud was carried out in 2007 and 2008, when Profumo was chief executive at the bank.

Profumo has been indicted with 19 other bank officials by Milan judge Laura Marchiondelli.

According to press reports, Profumo is said to be confident and impatient for the trial to begin, so that he can affirm the correctness of his conduct.

UniCredit said it was “confident that, during the trial, the conduct of the bank and its representatives and employees, past and present, who always acted with transparency and good faith and in compliance with applicable laws, will be vindicated.”

The first hearing of the trial will be held in Milan on October 1.

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