CEO Massiah 'used UBI Banca funds (2)

(ANSA) - Milan, November 25 - Finance police said Friday UBI Banca CEO Victor Massiah is accused of handing a company called Sodali a consultancy contract worth 183,000 euros and putting it on UBI's books even though it was not done in the lender's interests - and therefore of all its shareholders - but solely in order to curry votes in favor of management. Massiah kept the contract secret from Bank of Italy and Consob regulators, investigators said.
    Prosecutors on November 17 announced they wrapped up an investigation into 39 managers and executives at Unione di Banche Italiane SpA, branded as UBI Banca.
    In Italy, this is usually a prelude to indictment.
    Massiah and supervisory board chairman Andrea Moltrasio are among those probed.
    Charges range from obstruction of regulators, undue influence, fraud, conflict of interests, and various tax-related offences.
    The investigation kicked off in 2014 after a report by Adusbef consumer group. UBI Banca is the the fifth-largest lender in Italy by number of branches, and is headquartered in the northern city of Bergamo.