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BRIEF-Italy's Antitrust fines diamond brokers, banks for fraudulent practices
October 30, 2017 / 5:16 PM / 2 months ago

BRIEF-Italy's Antitrust fines diamond brokers, banks for fraudulent practices

Oct 30 (Reuters) - Italy’s Antitrust says:

* fines diamond brokers Diamond Private Investment (DPI) and Intermarket Diamond Business (IDB) for fraudulent commercial practices in selling diamonds through distributor banks

* Banks are UniCredit, Banco BPM, Intesa Sanpaolo’s Banca Intesa, and Banca Monte dei Paschi di Siena

* total fine is 15.35 million euros, of which: 2 million euros for IDB, 4 million euros for UniCredit, 3.35 million euros for Banco BPM, 1 million euros for DPI, 3 million euros for Banca Intesa and 2 million euros for Monte dei Paschi In June Italian tax police seized documents from the offices of five lenders in an investigation over alleged fraud in relation to the distribution of diamonds to bank customers, three sources with knowledge of the case said. Further company coverage: (Reporting by Milan newsroom)

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