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Profumo, Ghizzoni interviewed in derivatives probe

Bankruptcy leads to financial investigation

27 March, 16:10
Profumo, Ghizzoni interviewed in derivatives probe (ANSA) - Bari, March 27 - An investigation into derivatives trades involving a bankrupt company and senior bank officials is underway, officials said Thursday.

Federico Ghizzoni, chief executive officer of UniCredit, and his predecessor Alessandro Profumo, now president of troubled bank Monte dei Paschi di Siena, are among those being interviewed, investigators said. The case involves the bankruptcy of a company called Divania, which employed about 400 people in the southern city of Bari, and fell into trouble after reporting huge losses from derivatives.

Derivatives are a type of financial product which derives its value from one or more underlying assets.

UniCredit, Italy's largest bank, stressed that it was not involved in the investigation and that Ghizzoni was not implicated. "(UniCredit) can only reiterate firmly the correctness of its actions, that of former members and their employees and is confident that it will emerge from the scrutiny of judicial offices," the bank said in a statement.