An Italian court has sentenced several former managers of the Italian bank Monte dei Paschi di Siena (MPS), Deutsche Bank and the Japanese bank Nomura to prison terms. A total of 13 former employees of the three institutes were sentenced to prison terms of up to seven and a half years. All the defendants had protested their innocence.
The process, which has been going on for almost three years, dealt with allegations, among other things, of accounting fraud and the obstruction of banking supervision. The background was the takeover of Bank Antonveneta by MPS in 2008. MPS, the oldest bank in the world, has long struggled with major problems. The Deutsche Bank and Nomura are said to have made common cause with MPS in the years 2008 to 2012 in order to cover up their high losses.
Recent convictions for Deutsche Bank
Six former Deutsche Bank executives - including one from their London branch - were sentenced to imprisonment of between three and a half years and four years and eight months, according to news agency Ansa. "We are disappointed with this verdict and will examine the justification as soon as it is available," said Deutsche Bank.
According to information from manager magazin, former Deutsche Bank top manager Michele Faissola was sentenced to four years and eight months in prison. Even if the Italian no longer works directly for Deutsche Bank, his conviction is highly relevant for the bank: Faissola repeatedly advises major shareholder Qatar in its relationship to the supervisory board and board of Deutsche Bank. In addition, Stefan Simon, currently responsible for relations with the regulatory authorities, was in the past, in the past, the legal adviser Faissolas.
Banks sentenced to fines
Former MPS President Giuseppe Mussari was sentenced to seven and a half years in prison, former general director Antonio Vigni seven years and three months, ex-chief financial officer Gian Luca Baldassarri four years and eight months and former financial director Daniele Pirondini five years and three months. Two former Nomura managers received sentences of three years and five months, or four years and eight months. Appeal is possible against the judgments.
Deutsche Bank AG, its London branch and Nomura also have to pay fines of between € 3.0 and € 3.4 million. In addition, assets amounting to € 88 million will be confiscated from Namura and € 64 million from Deutsche Bank.
The prosecution had demanded to seize 441 million euros at Deutsche Bank and 445 million at Nomura. Monte Paschi had already agreed in 2016 with the court.
