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Italy court acquits three former Monte dei Paschi managers in derivatives case
December 7, 2017 / 11:42 AM / 8 days ago

Italy court acquits three former Monte dei Paschi managers in derivatives case

FLORENCE, Italy, Dec 7 (Reuters) - An Italian court acquitted on Thursday three former managers of Monte dei Paschi di Siena of obstructing regulators and misleading authorities in relation to a 2009 derivative trade that prosecutors said was used to conceal losses.

The appeals court in Florence, near the home town of Italy’s fourth-biggest lender, scrapped sentences handed down by a lower court for former chairman Giuseppe Mussari, ex-chief executive Antonio Vigni and one-time finance boss Gianluca Baldassari.

The previous ruling had called for jail terms of three years and six months for each of the men, for allegedly hiding a document relating to the transaction with Japanese bank Nomura.

Defence lawyers said regulators had access to all the necessary information to understand the scope of the operation.

The appeals court said on Thursday that what had happened did not constitute a crime. (Reporting by Silvia Ognibene, writing by Isla Binnie)

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