Three former executives of Banca Monte dei Paschi di Siena SpA face an expedited trial for allegedly obstructing regulators in the first indictments related to the managers’ use of derivatives to mask losses.
Bloomberg News reports that a judge approved the request by Siena prosecutors to try Giuseppe Mussari, Gianluca Baldassarri and Antonio Vigni on charges that they helped hide a document, and scheduled a trial for September 26th in an accelerated procedure, according to three people with direct knowledge of the case.
They asked not to be identified because the decision hasn’t been made public.
The expedited trial will demonstrate that Mussari is innocent, his lawyer Tullio Padovani said by phone Tuesday. Lawyers for Vigni and Baldassarri didn’t answer calls to their mobile phones. Italian prosecutors use the immediate-trial procedure, shortening the investigative phase, when they believe sufficient evidence exists to go to trial.
The three managers colluded to hide a document that showed how the world’s oldest bank entered into a derivative deal with Nomura Holdings Inc. in 2009 to conceal losses, prosecutors have said in previous court filings.
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