Monte Paschi prosecutors order seizure of €1.8bn at Nomura

 
City A.M. Reporter
ITALIAN prosecutors said they have ramped up their investigation into a suspected fraud involving bank Monte dei Paschi, ordering the seizure of €1.8bn (£1.56bn) of assets from Japanese bank Nomura.

Prosecutors in the city of Siena also said they were investigating Nomura’s former top executive in Europe, Sadeq Sayeed, and Raffaele Ricci, a regional managing director in fixed income sales.

The two men are being investigated over claims of fraud and usury, obstructing the work of regulators and making false statements to the market in dealings with Monte dei Paschi.

Nomura said that none of its assets had been seized and rejected any suggestion of wrongdoing.

“We will take all appropriate steps to protect our position and will vigorously contest any suggestions of wrongdoing in this matter,” the bank said.