Italy’s MPS: Immediate trial for ex-executives

Giuseppe Mussari ex-chairman of MPS, Antonio Vigni ex managing director and Gianluca Baldassari ex managing director of the financial division must face immediate trial, according to a ruling by preliminary hearing judge Ugo Bellini assessing the allegations of opaque derivatives transactions at the Italian bank.

Newly elected mayor of Siena Bruno Valentini has commented: “The judiciary has done a good investigative job. Trials are approaching fast and I hope nobody will escape from their responsibilities. I call for swift trials and exemplary punishments.”

Siena’s mayor has also commented on the bank’s future, considering new possible shareholders and changing the bank’s connection with the city’s institutions.

“New shareholders of the bank should be selected according two basic principles: the Fondazione has to remain a referential shareholder and the new shareholders must be steady and able to guarantee bank’s growth in such a difficult moment.”

Touching on the controversial connections the bank has had with the political and clerical institutions of Siena so far, the new mayor has also highlighted that from now on there will be no ambiguous connection between him and the choice of the bank’s chief executive.

The preliminary hearing was held following losses linked to risky derivatives trades carried out under Monte dei Paschi’s previous management.

Italy’s third biggest bank has been challenged by the allegations which are connected with the costly 2007 acquisition of its rival Banca Antonveneta.

 

 

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