COURT PROCEEDINGS LAUNCHED FOR ALLEGED ITALIAN BOND ISSUE FRAUD
May 1st, 2010
BY ERIC LYMAN
THE TRIAL of 11 international bankers and two officials from the City of Milan got underway on May 19 in connection with a series of 2005 bond issues in which the parties are accused of generating as much as Euro EUR100 million in illegal fees and interest.
The case is unusual both because of its sums involved - the total bond issues were worth EUR1.7 billion - and because the case is being tried in a penal court, rather than via civil proceedings. Prosecutors said the penal trial could drag on for months but that it could be easier to resolve than ...
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