Milan prosecutors have asked for 13 former and current managers at Banca Monte dei Paschi di Siena, Nomura and Deutsche Bank to be sent to trial for a series of alleged financial crimes including false accounting, judicial sources said on Tuesday
Reuters reports that the alleged offences revolve around two complex derivatives trades, known as Santorini and Alexandria, which Monte Paschi's former management arranged with Deutsche Bank and Nomura to conceal losses, the sources said.
The case also involves a hybrid financial instrument called Fresh 2008 which Monte dei Paschi used to partly fund the acquisition of rival bank Antonveneta.
A court in Milan will now set a date for a preliminary hearing on the case, at the end of which a judge will decide whether or not to lay charges. The sources did not say when the hearing was likely to take place.
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