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Italian bank Monte dei Paschi suspends board member Briamonte
May 28, 2013 / 6:18 PM / 4 years ago

Italian bank Monte dei Paschi suspends board member Briamonte

MILAN, May 28 (Reuters) - Italian bank Banca Monte dei Paschi said on Tuesday it has suspended board member Michele Briamonte for two months, after he was placed under investigation over allegations of breaking insider trading rules.

Prosecutors in Siena allege that Briamonte leaked to press details of a board meeting which decided to seek damages from two former executives and investment banks Nomura and Deutsche Bank over losses on financial derivatives contracts, according to a person familiar with the matter.

The Siena court served Briamonte with an injunction barring him from carrying out his functions on the bank’s board, Monte dei Paschi said last week. (Reporting by Jennifer Clark; editing by Naomi O‘Leary)

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