July 18, 2013 / 12:53 PM / in 4 years

Monte Paschi removes board member under investigation

SIENA, Italy, July 18 (Reuters) - Shareholders in Italian bank Banca Monte dei Paschi agreed on Thursday to remove Michele Briamonte from the bank’s board of directors 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.

In May, Briamonte had been suspended from Monte dei Paschi’s board for two months.

Reporting by Silvia Aloisi; editing by Francesca Landini

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