Milan, Dec 28 : An Italian
judge found four international banks guilty of fraud in a case involving the
sale of derivatives to the city of Milan and ordered the confiscation of 88
million euros, about $117 million.
Judge Oscar Magi convicted Deutsche
Bank, UBS, JPMorgan and Depfa Bank, as well as nine current and former bankers.
In Italy, institutions may be held responsible as well individuals. The
individuals received suspended sentences of six months to eight
months.
The banks have denied wrongdoing.
Prosecutors alleged that
the city of Milan lost 105 million euros as part of the sale of bonds totaling
1.69 billion euros between 2005 and 2007.
Prosecutor Alfredo Robledo said
the verdict recognized the importance of “the fundamental principal of
transparency on the part of banks in contracts with public
administrations.”
Ends
SA/EN
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