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Former UBI top executives acquitted in governance trial

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© Reuters. Victor Massiah, CEO of UBI Bank gestures in a Reuters interview held in Milan on July 6, 2012. REUTERS/Alessandro Garofalo/Files

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MILAN, (Reuters) – Two legal sources claim that a court in Milan on Friday acquitted two former UBI Banca executives. They were accused of committing governance violations at the local bank which is part of Intesa Sanpaolo.

Victor Massiah, former CEO of UBI and Giovanni Bazoli, Intesa Sanpaolo Honorary Chairman were both found not guilty by the jury. They are accused of obstructing regulators.

The hearing took place in Bergamo in northern Italy. UBI is based there. Massiah was sentenced to five years in prison. Bazoli received six and eight months imprisonment.

According to sources, only one UBI executive has been convicted.

Intesa Sanpaolo was also cleared of taking over UBI last year to make it the largest bank in Italy. Italian law makes companies liable for employees’ crimes.

Two groups of shareholders linked by shareholder agreements were accused of unduly having influenced the result of the 2013 general assembly by incorrectly collecting proxy votes.

UBI and the defendants have repeatedly denied all allegations and stated that they acted in good faith.

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