An Italian court acquitted the former top executives of UBI Banca in a trial over alleged governance irregularities at the regional bank. Former UBI CEO Victor Massiah and Intesa Sanpaolo’s Honorary Chairman Giovanni Bazoli were both acquitted together with another 27 people on trial. Bazoli stated that he deeply appreciates the professional qualities and independence shown by the Bergamo court. It is not acceptable though that the people’s lives were scarred by this judicial trouble for seven years.
At a hearing in May, prosecutors had sought a five-year prison sentence for Massiah, and then requested six years and eight months in jail for Bazoli. Only one former UBI executive was convicted. Intesa Sanpaolo, which last year took over UBI to become Italy’s largest bank, was also acquitted. Italian law states that companies are liable for crimes committed by their employees. Prosecutors had alleged two groups of investors tied by shareholder agreements had unduly influenced the outcome of the 2013 general meeting. The defendants and UBI itself have always rejected the accusations.