June 11, 2013 / 4:39 PM / 5 years ago

Former Monte Paschi managers to stand trial: judicial sources

FLORENCE (Reuters) - An Italian judge has ordered three former managers of Banca Monte dei Paschi di Siena (BMPS.MI) to stand trial for concealing losses from the Bank of Italy, the country’s lending regulator, judicial sources said on Tuesday.

The entrance of Monte Dei Paschi bank headquarters is pictured in Siena January 24, 2013. REUTERS/Stefano Rellandini

A Siena judge who deals with preliminary investigations, Ugo Bellini, ruled there was enough evidence to send former chairman Giuseppe Mussari, ex-director general Antonio Vigni and former finance chief Gian Luca Baldassari directly to trial, skipping an extensive pre-trial process.

“We are very calm about this because we haven’t obstructed anyone and we have no problem about defending ourselves before a judge,” Tullio Padovani, one of Mussari’s lawyers said.

Baldassari’s lawyer declined to comment and no comment was immediately available from Vigni’s lawyer.

Prosecutors are investigating whether the bank’s former management misled regulators about a costly 2008 acquisition and the true nature of derivatives trades.

A hearing has been set for September 26, the sources said.

Monte Paschi had to ask for state loans worth 4 billion euros to fill a capital shortfall stemming from its exposure to Italian government bonds and risky derivative trades.

Reporting by Silvia Ognibene in Florence and Stefano Bernabei in Rome; writing by Steve Scherer; editing by Tom Pfeiffer

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