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    Police seize bank assets

    29.04.2009 - 00:00 | Son Güncelleme:

    MILAN - Milan’s financial police seized 476 million euros ($620 million) of assets belonging to UBS, Deutsche Bank, JPMorgan Chase and Depfa Bank as part of a probe into an alleged fraud.

    The police froze the banks’ stakes in Italian companies, real estate assets and current accounts, the financial police said in an e-mailed statement yesterday. The assets seized on Monday also include those of a former local government official and a consultant, the financial police said.

    The City of Milan is suing the four banks after it lost money on derivatives it bought from the lenders in 2005. The securities swapped a fixed rate of interest on 1.7 billion euros of bonds for a variable rate, and enabled the city to repay the bonds in yearly installments. Milan was losing 298 million euros on the derivatives as of June 30, according to a July report commissioned by the city.
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