MILAN, Oct 8 (Reuters) – An Italian court docket on Friday acquitted the previous top executives of UBI Banca in a trial over alleged governance irregularities on the regional financial institution now a part of the Intesa Sanpaolo (ISP.MI) group, two authorized sources mentioned.
Former UBI CEO Victor Massiah and Intesa Sanpaolo’s Honorary Chairman Giovanni Bazoli have been each acquitted along with one other 27 individuals beneath trial resulting from accusations they obstructed regulators.
At a listening to in May in the northern Italian city of Bergamo the place UBI was primarily based, prosecutors had sought a five-year jail sentence for Massiah, whereas requesting six years and eight months in jail for Bazoli.
Only one former UBI government was convicted, the sources mentioned.
Intesa Sanpaolo, which final yr took over UBI to grow to be Italy’s largest financial institution, was additionally acquitted. Under Italian regulation, corporations are responsible for crimes dedicated by their workers.
Prosecutors had alleged two teams of traders tied by shareholder agreements had unduly influenced the end result of the 2013 normal assembly by improperly gathering proxy votes.
The defendants and UBI itself have at all times rejected the accusations and mentioned that they had acted accurately.