Siena prosecutors are currently investigating charges of fraud and corruption in the Monte dei Paschi's acquisition of Antonveneta back in 2007. The price of the acquisition was at that time Eur9 billion or GBP 7.84 billion. This has placed the world's oldest bank in the middle of cloak and dagger intrigue, with its communications unit head dead in the bank's headquarters.
David Rossi had committed suicide in the bank premises and the tale has gripped the highest halls of power, placing financial mismanagement and scandal as an election issue and a voter reaction to elect an anti-establishment neophyte politician with 25% of the Italian vote.
Amongst being investigated is Antonio Vigni, former Director-General of the bank for providing misleading statements as to the deal and the nature of the derivatives contracts undertaken by the bank, which was said used to hide fiscal losses. Another issue being investigates is whether managers then pocketed financial transactions as well as market manipulation and false prospectus information on the Antonveneta purchase.
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