MILAN, Oct 8 (Businesshala) – An Italian court on Friday acquitted former top executives of UBI Banca in a trial for alleged governance irregularities at the regional bank, now part of the Intesa Sanpaolo (ISP.MI) group, two Legal sources said.
Former UBI CEO Victor Masia and Intesa Sanpaolo honorary chairman Giovanni Bazzoli were both acquitted, along with another 27 people who were accused of obstructing regulators.
At a hearing in May in the northern Italian city of Bergamo, where UBI was based, prosecutors sought a prison sentence of five years for Massia, while requesting six years and eight months in prison for Bazzoli.
Sources said only one former UBI executive was convicted.
Intesa Sanpaolo, which took over UBI last year to become Italy’s biggest bank, was also acquitted. Under Italian law, companies are liable for crimes committed by their employees.
Prosecutors alleged that two groups of investors bound by shareholder agreements had improperly influenced the outcome of the 2013 general meeting by improperly collecting proxy votes.
The Respondent and the UBI have always denied the allegations and stated that they acted in a fair manner.