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Italian bank declared insolvent

NZPA-Reuter Milan A Milan judge has formally declared the collapsed 'ltalian bank. Banco Ambrosiano. insolvent. The Milan Bankruptcy Court President. Mr Giovanni io Cascio, issued his verdict at the end of a weeklong hearing. - He accepted a claim by the official liquidators of the bank that its debts exceeded its assets’ by more than 500 billion lire (SNZ4BO million). Lawyers representing small shareholders of Banco Ambrosiano have said that they would seek State-initi-ated criminal action against former board members if insolvency were declared. ' The Government put Banco Ambrosiano into compulsory liquidation on August 6. transferring its Italian branches and subsidiaries to a specially formed successor bank after a seven-week Struggle to stave off its failure. ‘ The bank's collapse was triggered by the suicide of former chairman, Roberto Calvi, in London in mid-June and the discovery of more than ?NZI.3 billion of bad debts owed by shadowy Panamanian finance companies to which Mr Calvi had loaned funds, apparently with some backing from the Vatican Bank, the Institute Per fe Opere di Religione.

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https://paperspast.natlib.govt.nz/newspapers/CHP19820828.2.77.1

Bibliographic details

Press, 28 August 1982, Page 9

Word Count
175

Italian bank declared insolvent Press, 28 August 1982, Page 9

Italian bank declared insolvent Press, 28 August 1982, Page 9