Skip to comments.Italian judge rejects Nomura funds seizure
Posted on 04/28/2013 5:18:09 AM PDT by DeaconBenjamin
An Italian news agency says a judge has rejected prosecutors orders to seize 1.8 billion from Japans Nomura bank as part of a probe into a trading scandal at Monte Paschi di Siena, a large Italian bank.
The ANSA agency said Judge Ugo Bellini ruled in Siena, Tuscany, Saturday there was no justification for the April 16 decree by Italian authorities to urgently seize the assets.
Nomura has denied wrongdoing. Monte Paschi has acknowledged 730 million in losses due to derivative trades not reported on balance sheets or to regulators until new management arrived last year. The bank used a Normua loan to purchase Italian government bonds which were then used in a risky derivatives deal.
the socialists mantra: “just grab their money, it should be ours”