Monte Paschi Hid Documents on Deals, Bank of Italy Says
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Banca Monte dei Paschi di Siena SpA, the Italian bank seeking a second state bailout in four years, hid documents from regulators on financial transactions that may prompt the lender to restate profit.
“The nature of some transactions involving Monte dei Paschi di Siena reported by the press has been disclosed only recently after hidden documents were found by new executives,” the Bank of Italy said in an e-mailed statement yesterday. “The transactions are now being reviewed by the central bank’s oversight division as well as judicial authorities.”