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Ex-Bank of Italy chief's acquittal quashed

Fazio retrial ordered

07 December, 13:51
Ex-Bank of Italy chief's acquittal quashed (ANSA) - Milan, December 7 - Italy's highest appeals court on Friday quashed the acquittal of Former Bank of Italy governor Antonio Fazio for his role in a 2005 scandal-hit bank takeover bid.

The Cassation Court ordered a retrial for Fazio and 10 others.

The ruling overturned a May 30 verdict from a lower appeals court which had quashed a three-and-a-half year sentence handed down at Fazio's first trial on October 31 last year.

Also cleared on appeal at the end of May were 10 other defendants found guilty in October 2011.

Fazio was originally found guilty of market-rigging in connection with insurer Unipol's failed attempt to gain control of Banca Nazionale del Lavoro (BNL), which had been set to be sold to Spain's Banco Bilbao Vizcaya Argentaria (BBVA) and was later taken over by the French bank BNP Paribas.

Friday's Cassation Court ruling also confirmed a guilty verdict for ormer Unipol chief Giovanni Consorte. In May Consorte's original three year, 10-month sentence was cut to one year and seven months.

Earlier in 2011 the 76-year-old banker was sentenced to a four-year prison term in a similar 2005 case in which he was accused of attempting to thwart another foreign bank takeover.

He has not been jailed because of his age and the ongoing appeals.