Post by ukipa on Oct 23, 2011 20:29:23 GMT 4
Police seize £214 million at UniCredit in fraud
October 18, 2011 - uk.reuters.com
MILAN - Italy's financial police seized funds worth 245 million euros (214.3 million pounds) at UniCredit on Tuesday in a tax fraud probe and the bank's former chief executive, Alessandro Profumo, was placed under investigation, judicial sources said.
The financial police said in a statement the funds were seized at a leading bank, without naming it, in a probe over "fraudulent conduct via a complex series of international operations that made use of corporate structures and financial instruments."
The alleged fraud related to tax declarations for 2007 and 2008, it said.
UniCredit denied any wrongdoing in the matter and said it was surprised by the authorities' decision.
"UniCredit is very surprised by this initiative and remains convinced that both it and its employees acted correctly and properly in relation to this matter," a spokeswoman said.
The investigation centers on suspected tax evasion stemming from a complex financial scheme, known as Project Brontos, set up by Barclays and used by UniCredit.
News of the probe first emerged in 2009 when police searched UniCredit's offices and obtained electronic data from Barclays.
One of the judicial sources said Profumo had been put under investigation because, as chief executive of the bank at the time, he authorised using the scheme.
A spokesman for Barclays declined to comment. Profumo, who stepped down last year after a row with shareholders, was not immediately available for comment.
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