08 Gennaio 2016
Rome, January 8 - Italian tax police on Friday carried out searches in 14 companies who received funding from the recently rescued Banca Etruria, one of four banks whose rescue left bondholders holding worthless bonds. The firms were said to be linked to the former president of the bank, Lorenzo Rosi, and former board member Luciano Nataloni. The searches are aimed at collecting documents and other material that can help police join the dots between the firms and the bank, police said. The companies' offices were in Tuscany, Emilia Romagna and Lombardy, police said. Rosi and Nataloni are suspected of failing to communicate conflicts of interest, police said. In other words, they said, the pair issued Banca Etruria funding to companies linked to themselves without informing the bank's oversight committees of the links. The Arezzo prosecutor's office said it was investigating "a series of company operations that contributed to the bank's financial crisis". Banca Etruria was rescued in November along with Banca Marche, CariFe and CariChieti. One of Banca Etruria's former bondholders, Luigi d'Angelo, committed suicide. The small investors whose savings went up in smoke are seeking government compensation. The government is setting up a 100-million-euro fund, which may be increased, to compensate investors who can prove they were duped into buying risky bonds. However, all the investors who lost money, in shares as well as bonds, are asking for their money back.
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