Fines totalling five million euros likely in MPS scandal

Troubled bank's former directors face stiff penalties

Fines totalling five million euros likely in MPS scandal

Rome, April 4 - Penalties totalling as much as five million euros may be levied against former directors of the troubled Monte dei Paschi di Siena (MPS) bank, sources said Thursday. The Bank of Italy, which has oversight responsibilities, is considering a fine of more than 500,000 euros each against both former chairman Giuseppe Mussari and Antonio Vigni for serious violations of their duties as senior managers, sources said. Former head of finance Gianluca Baldassarri will likely be hit with a penalty of about 400,000 euros. Last week, MPS revealed that its losses last year totalled 3.17 billion euros. Italy's third-largest lender is at the centre of a huge fraud probe after a scandal over shady derivatives operations exploded in January. It has since emerged that a previously undisclosed series of derivative and structured-finance deals produced losses of around 720 million euros under Mussari's watch.

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