Fiorentino, former CEO of Carige, sentenced to 4 years | EUROtoday

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Paolo Fiorentino, the previous CEO of Carige and now CEO of Banca Progetto, was sentenced to 4 years in jail and a 50,000 euro tremendous in Milan as a part of the trial of the Genoese credit score establishment, which centered on the six-monthly report of 2018 and the alleged failure to speak to the market the necessity to write down non-performing loans for tons of of tens of millions of euros. This was determined by the judges of the third felony part who additionally imposed two years and 6 months on the then particular person answerable for holding the accounting data, Mauro Mangani.

The judges, chaired by Ilio Mannucci Pacini, additionally sentenced Carige, included by Bper and charged as an entity, to a tremendous of 700 thousand euros (700 shares price one thousand euros every) and ordered in opposition to Malacalza Investimenti, the primary celebration civil, virtually 28.6 million in compensation which the defendants must pay collectively and severally. Compensation for damages might be addressed in a civil lawsuit. Furthermore, Fiorentino was declared banned from holding public workplace for 5 years. The causes might be filed in 90 days.

The Court went past the requests of prosecutor Paolo Filippini who final June had proposed three and a half years in jail and a 200 thousand euro tremendous for Fiorentino, two years and 4 months and a 200 thousand euro tremendous for Mangani, and 600 thousand euro for the financial institution of a monetary penalty. The numerous accusations embrace market manipulation and false social communications.

«The sentences are revered and, clearly, we now have nice respect for the Milan court docket. Then we await the explanations, we’ll learn them fastidiously and, since we’re firmly satisfied of Fiorentino’s innocence, we could have house within the attraction”, says the lawyer Giuseppe Iannaccone, defender of the former CEO of Carige.