Mps, new investigation by Milan prosecutor on funds for legal risks

The Milan Public Prosecutor’s Office has launched a criminal proceeding on the funds for legal risks of Mps. The crimes hypothesized by prosecutor Paolo Filippini, according to what ‘la Repubblica’ reports, are false corporate communications and market manipulation. The verification of the Prosecutor’s Office intends to understand whether the funds to address the lawsuits and pay any compensation – figures that can significantly affect the budgets – are adequate or not. That is, in line with the possible forecasts and not underestimated. The offenses allegedly concern the financial year of last year and in particular the half-yearly report of 30 June 2020 and the quarterly report of 30 September. The investigation took its first steps in January and stems from seven complaints presented between August and December 2020 by the financier Giuseppe Bivona, head of the Blue-Bell fund. Last March, Consob indicated the sum that MPS could theoretically have paid for various compensation claims at 5.2 billion, compared with 225 million set aside. Consob and ESMA, the so-called ‘European Cosnob’, consider the sum consistent with IAS 37, ie the principles of international accounting. An aspect that the prosecutors of Milan intend to clarify better.