Viola, Profumo cleared of obstruction

Jul 7, 2018 9:02 pm

Groundless charges says Milan judge

The former president and former CEO of troubled Tuscan bank Monte dei Paschi di Siena (MPS), Alessandro Profumo and Fabrizio Viola, were cleared Friday of obstructing the banking oversight bodies of the Bank of Italy and bourse regulator CONSOB in a derivatives case. A Milan judge said the charges against the pair were “groundless”.

MPS, Italy’s third-biggest and the world’s oldest bank, is going through a precautionary recapitalisation after a crisis stemming from its high load of non-performing loans.

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