Unicredit: Florence court annuls warrant

FLORENCE: An Italian court, on Saturday, said that there was no proof to back up allegations that three top officials at Italy’s biggest bank (by assets) UniCredit had helped a businessman, who prosecutors claimed had links to the Sicilian mafia, according to a court document. UniCredit Deputy Chairman Fabrizio Palenzona and two other top officials have been placed under investigation by anti-mafia prosecutors. A Florence court annulled the search warrant saying there was no evidence to support allegations of fraud or helping the mafia. The court also called on material seized under the search warrant to be returned. Prosecutors alleged that Palenzona and two other top managers at the bank helped arrange debt restructuring for Andrea Bulgarella, an entrepreneur whom prosecutors claimed had links to Matteo Messina Denaro, one of Italy’s most wanted men.

Published in The Express Tribune, November 1^st, 2015.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.