A totalof 13 former and current executives at BancaMonte dei Paschi di Siena SpA, DeutscheBank AG and Nomura InternationalPlc will face court trial in Milan, Italy, over an misrepresentation of Monte dei Paschi'sfinances, The Wall Street Journal reportedOct. 1, citing people familiar with the case.
MilanJudge Livio Cristofano indicted former Monte dei Paschi executives, including formerchairman Giuseppe Mussari and former general manager Antonio Vigni. Also named wereDeutsche Bank's former asset and wealth management head Michele Faissola, formerfixed-income trading executive Michele Foresti, ex-global markets executive IvorDunbar and current wealth management executive Matteo Vaghi.
Courtdocuments said Milan prosecutors requested the indictment of the executives afterfinding evidence that Monte dei Paschi's accounting was manipulated between 2008and 2012.
Montedei Paschi is planningto sell bad loans worth €28 billion and raise fresh capital of up to €5 billion.In line with the plans, the bank's board has reportedly ousted its chairman and chief executive.