When in Italy

16 June 2003

In most countries, this would be unthinkable even if the sentence is being appealed. But this is Italy. And Emilio Gnutti, returning to the vice chairmanship of MPS, is well connected even to Silvio Berlusconi, Italy’s prime minister.

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Monte dei Paschi's shareholders' meeting voted to reinstate Emilio Gnutti on the Italian bank's board. The financier had been suspended from the vicechairmanship on May 8 owing to his conviction in the first instance for insider trading. Gnutti is appealing the sentence. MPS says that in this case, the board can suspend a board member and let the shareholders' meeting have the final say. 98% of the shares that turned up to the meeting voted to reinstate Gnutti.

Gnutti owns 4% of MPS and was nominated as vicechairman on April 26.

Italy's Prime Minister Silvio Berlusconi owns a stake in Gnutti's holding company Hopa via his family holding company Fininvest.

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