May 29, 2024 10:56 GMT
Milan Court Probes Monte Paschi Past Financials For State Aid Fraud
FINANCIALS
- Italian-language paper Milano Finanza has reported that MPS's 2016-2017 financials are under investigation for potential fraud in securing EUR 5.4bn in state recapitalization.
- A Milan court has ordered an investigation into former MPS presidents Alessandro Falciai, and Stefania Bariatti along with ex-CEO Marco Morelli and others for market manipulation and false accounting.
- Allegations involve misreporting NPLs and continuing false adjustments.
- Six-month deadline for further investigations on legal conditions for recapitalization.
- EUR spreads look muted.
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