Prosecutors To Seize $2.3bn Of Nomura's Assets

Now you see it......

Bloomberg reports that prosecutors in Siena, Italy are seizing about $2.3bn of assets from Nomura Holdings as part of a probe into Banca Monte dei Paschi di Siena SpA’s use of derivatives to hide losses.

The sequestration is linked to allegations of fraud and usury, prosecutors said in a statement Tuesday. They also seized about $18.8m of assets from three former managers at the world’s oldest bank. The confiscations took place in Siena, Rome, Milan, Bologna and Catanzaro, the magistrates said.

Monte dei Paschi has alleged Nomura colluded with its former managers to devise one of two derivatives in 2008 and 2009 that hid total losses of much as $728.6m. Nomura reaped at least $115.1m from its derivative, dubbed Alexandria, according to Siena, Italy-based Monte Paschi.

Nomura said in a statement: 'Nomura is aware of the statement issued by Siena prosecutors today regarding the potential seizure of collateral in relation to trades with Monte dei Paschi. No Nomura assets have been seized. We will take all appropriate steps to protect our position and will vigorously contest any suggestions of wrongdoing in this matter'.

Hit the link below to access the complete Bloomberg article:

Monte Paschi Prosecutors Seize $2.3 Billion of Nomura Assets

Commerzbank Loses Case of Woman Fired for Suing Deutsche Bank

UBS Said Planning to Fire 60 in Brazil in Restructuring

image: © bloomsberries

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News