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Italy prosecutors seek trial for ex-MPS top execs in bad loan probe

Italy prosecutors seek trial for ex MPS top execs in bad loan probe
Italy prosecutors seek trial for ex MPS top execs in bad loan probe Copyright Thomson Reuters 2022
Copyright Thomson Reuters 2022
By Reuters
Published on Updated
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MILAN -Prosecutors in Milan have requested that four people being investigated in a probe over the classing of impaired loans at Monte dei Paschi di Siena be sent to trial, the prosecutors' office said in a statement on Friday.

A copy of the investigation's file seen by Reuters showed those under investigation include current Leonardo Chief Executive Alessandro Profumo and the current Chairman of Banco BPM Massimo Tononi.

Both Profumo and Tononi in the past chaired Monte dei Paschi's board of directors.

The prosecutors in the statement said they were not requesting a trial for Monte dei Paschi. This is expected to lead to charges against the Tuscan bank being dropped.

Prosecutors have been looking into allegations of false accounting and market manipulation in relation to the classing of loans as impaired at Monte dei Paschi up to 2017.

Lawyers for Profumo, Tononi and the other two people did not immediately reply to a request for comment from Reuters.

Profumo in a statement said he had always acted "in full compliance with the changing regulatory landscape and always in a useful cooperation with supervisory authorities."

A judge will decide on the request for trial at a hearing in the near future. Normally such requests lead to a trial.

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