Saturday 1 October 2016

Top Italian bank denies wrongdoing

Published 20/08/2016 | 02:30

Banca Monte dei Paschi di Siena chief Fabrizio Viola, right, and former chairman Alessandro Profumo, left
Banca Monte dei Paschi di Siena chief Fabrizio Viola, right, and former chairman Alessandro Profumo, left

Banca Monte dei Paschi di Siena chief Fabrizio Viola and former chairman Alessandro Profumo are under investigation as part of a wider probe into alleged false accounting, sources said.

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The "operations in question were carried out by the previous management of the bank and by the ex-managers", the Siena-based lender said. Monte Paschi has acted "with complete propriety" in the matter, it said. Prosecutors have been investigating how Monte Paschi's former managers allegedly misrepresented the lender's finances in the years before it sought a government bailout.

Irish Independent

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