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UniCredit, Barclays Brontos Tax Case Is Moved to Bologna

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Nov. 23 (Bloomberg) -- A tax fraud case involving managers and former bankers of UniCredit SpA and Barclays Plc should be heard in Bologna rather than Milan, a judge ruled today.

Prosecutors in Bologna will consider the evidence and whether to request charges. Twenty individuals were indicted in June for their role in the alleged tax fraud. UniCredit used the so-called Brontos vehicle, arranged by Barclays, to evade taxes, according to Milan prosecutor Alfredo Robledo.

UniCredit in August said it settled disputes with Italy’s tax authority, including the Brontos case.

One of the UniCredit units involved in the case is legally based in Bologna.

To contact the reporter on this story: Elisa Martinuzzi in Milan at emartinuzzi@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

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