Economy ministry cleared of involvement in MPS-Mediobanca case

robed for alleged stock market manipulation and obstructing supervisory authorities. The investigation centers around Caltagirone and Delfin acquiring stakes in MPS in November 2024 as part of a series of placements by the government to re-privatize the bank after a 68% state holding was established with a bailout in 2017.

The Treasury confirmed that all actions taken in placing stakes with Caltagirone and Delfin were in line with established rules and standard practices. Despite the ongoing investigation, Premier Giorgia Meloni’s ruling coalition has expressed support for Economy Minister Giancarlo Giorgetti, with Deputy Premier and Foreign Minister Antonio Tajani voicing full confidence in Giorgetti’s integrity and conduct. Tajani emphasized that Giorgetti has consistently acted correctly and cautioned against baseless attacks on his character.

The placement of stakes in November 2024 effectively reduced the State’s ownership of MPS to below 12%, and the subsequent acquisition of Mediobanca led to a further decrease to below 5%. The probe into MPS, Lovaglio, Caltagirone, and Milleri focuses on potential stock market manipulation and the alleged obstruction of supervisory authorities in relation to the takeover.

The Ministry of Economy and Finance, however, remains outside the scope of the investigation, with judicial sources confirming that there are no inquiries implicating the ministry in connection with the MPS-Mediobanca case. The focus of the investigation is on specific individuals and entities involved in the transactions leading to the ownership changes within MPS and its relationship with Mediobanca.

While the investigation continues, the government reaffirms its commitment to adhering to legal and regulatory frameworks in all financial transactions and placements to ensure transparency and compliance with established guidelines. The Ministry of Economy and Finance maintains its regular operations and functions, separate from the scrutiny faced by MPS, its CEO, and major shareholders.

As the investigative process unfolds, the judicial authorities will determine the extent of any wrongdoing or illegal activities surrounding the MPS-Mediobanca case. The government’s priority is to uphold accountability and integrity in all financial dealings to maintain public trust and confidence in the financial sector. All parties involved in the investigation will undergo thorough scrutiny to ascertain the facts and ensure justice and fairness prevail in addressing any potential violations.