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 Italian Police Seize EUR1.8 Billion from Nomura in MPS Probe

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Italian Police Seize EUR1.8 Billion from Nomura in MPS Probe Vide
PostSubject: Italian Police Seize EUR1.8 Billion from Nomura in MPS Probe   Italian Police Seize EUR1.8 Billion from Nomura in MPS Probe Icon_minitimeWed Apr 17, 2013 12:32 am
-Italian fiscal police have seized 1.8 billion euros ($2.3 billion) from Banca Nomura International PLC, a unit of Nomura Holdings Inc. (NMR), as part of an investigation into Banca Monte dei Paschi di Siena SpA (BMPS.MI), prosecutors from the town of Siena said Tuesday.

In a statement, prosecutors said they have placed under investigation Sadeq Sayeed and Raffaele Ricci over potential obstruction of supervisory authority and potential violation of market rules while they were Nomura executives.

Mr. Sayeed and Mr. Ricci couldn't be located for comment. A spokeswoman for Nomura declined to comment on the probe, but confirmed that Mr. Sayeed left Nomura in March 2011. She declined to comment on Mr. Ricci's position at the bank or whether he was still employed by the bank.

Prosecutors also said the police have seized money from three former executives of the Tuscan bank. They said they seized EUR2.3 million from former Monte dei Paschi's executive chairman Giuseppe Mussari, EUR9.9 million from former general manager Antonio Vigni and EUR2.2 million from former executive Gianluca Baldassarri.

In addition, prosecutors said police have seized all existing contracts related to the so-called Alexandria structured product transaction, which is at the center of the investigation.

Monte dei Paschi and lawyers for Mr. Mussari, Mr. Vigni and Mr. Baldassarri didn't immediately reply to requests for comment.

Nomura said in a statement in January: "Nomura acted fairly and responsibly with the client at all times, and strongly refutes any suggestion to the contrary."

The Italian bank has said that the Alexandria transaction was incorrectly represented in its accounts. In November, Monte dei Paschi launched a review that found the bank had to book a loss of EUR273.5 million on the Alexandria transaction.

Write to Giovanni Legorano at giovanni.legorano@dowjones.com

"Italian Police Seize EUR1.8 Billion from Nomura in MPS Probe," at 0938 GMT, misstated the date in which Mr. Sayeed left Nomura in the third paragraph. Mr. Sayeed left in March 2010, not in March 2011.

http://online.wsj.com/article/BT-CO-20130416-702323.html?mod=googlenews_wsj
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Italian Police Seize EUR1.8 Billion from Nomura in MPS Probe

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