No Investigation Against Italy's Ministry of Economy Amid MPS Scrutiny

The Ministry of Economy and Finance (MEF) is not under investigation in relation to the Milan probe concerning the takeover of Italy's prominent merchant bank, Mediobanca, by Monte dei Paschi di Siena (MPS). This update comes from judicial sources on Monday, providing some clarity amid growing concerns about possible misconduct in the banking sector. The probe specifically involves MPS, its CEO Luigi Lovaglio, and the two primary shareholders—businessman Francesco Gaetano Caltagirone and Luxottica Chairman Francesco Milleri, whose role as the chairman of the Delfin holding company has attracted scrutiny. They face allegations of stock market manipulation and obstructive behavior towards supervisory authorities. Caltagirone and Delfin acquired stakes in MPS back in November 2024, during a phase when the government initiated its final series of placements to reprivatize the bank, following a significant bailout in 2017 where the State acquired a 68% stake. In response to the allegations, the Treasury asserted over the weekend that all actions taken during the placement processes were in full compliance with applicable rules and standard practices, defending the legitimacy of the transactions with Caltagirone and Delfin. Political tensions have escalated as the opposition parties call on Economy Minister Giancarlo Giorgetti to provide further clarification regarding the ongoing situation. However, Premier Giorgia Meloni's ruling coalition has reaffirmed its support for Giorgetti, with Deputy Premier and Foreign Minister Antonio Tajani expressing full confidence in the minister. "He has always behaved correctly, attacking him is out of place," Tajani stated, emphasizing the need for a united front amidst these allegations. As a result of the November 2024 placement, the State's stake in MPS has dropped below 12%, and the subsequent takeover of Mediobanca has further reduced it to under 5%, signaling significant changes in the ownership structure of the bank and stirring questions about transparency and accountability in Italian finance. The developments continue to unfold, but the MEF's status remains clear—it is not implicated in the investigation, allowing it to maintain its operations while the scrutiny of MPS and its shareholders continues. Related Sources: • Source 1 • Source 2