An inquiry is underway into a high-ranking Italian Treasury official who holds a seat on the board of Banca Monte dei Paschi di Siena SpA, after alleged insider trading tied to the acquisition of Mediobanca SpA came under scrutiny.
According to a report citing unnamed sources, financial police seized the official's mobile phone last year as part of the investigation into the Milan-based investment bank's takeover. The official under investigation is identified as Stefano Di Stefano.
The report states that Di Stefano is alleged to have purchased roughly 80,000 in combined share purchases of Mediobanca and Monte Paschi. Di Stefano has been a member of Monte Paschi's board since 2022.
Requests for comment directed at Di Stefano via Bloomberg News had not been answered at the time of the report. The office of the Italian prosecutors likewise did not immediately respond to inquiries. Spokespeople for both the Treasury and Monte Paschi declined to comment on the matter.
The probe into Di Stefano is part of a broader investigation announced last year surrounding what was characterized as Italy's largest banking transaction in the past decade. That government-backed takeover created the countrys third-largest lender by assets and has reverberated through Italy's political and financial circles.
Officials at the Treasury had previously said the Finance Ministry was not part of the investigation, and the government has publicly denied any wrongdoing in connection with the takeover.
Context and current status
The investigation remains active, with details publicly limited to statements that have been released and the report of the phone seizure and alleged share purchases. No formal charges or legal outcomes are reported in the material available.
What is known
- Financial police seized the official's mobile phone last year during a probe related to the Mediobanca takeover.
- The official, named in reports as Stefano Di Stefano, allegedly bought about 80,000 in shares across Mediobanca and Monte Paschi.
- Di Stefano has been on Monte Paschi's board since 2022; requests for comment went unanswered, and prosecutors did not immediately reply.
The investigation forms part of a larger inquiry into a major banking consolidation that reshaped Italy's banking landscape, and authorities and institutions involved have so far limited public commentary.