Italy’s tax police have seized property and cash worth EUR98 million (US$132 million) from Nomura International accusing some of its former employees of fraud against the Sicily region with the sale of derivatives in 2002.
In a statement, the police said Nomura created three complex derivatives transactions and interest rate swaps related to debts owed by a holding related to Sicily’s healthcare authority.
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Sicily’s finances had suffered a damage estimated at around EUR175 million due to a deal involving the securitisation of healthcare bills managed by Nomura and three derivatives contracts signed with the Japanese group to restructure the region’s debt, the statement added.
Prosecutors from Palermo, Sicily’s capital, have also placed under investigation seven people — four former Nomura employees and three independent consultants — accusing them of fraud.
Around EUR6.5 million has been seized from the seven people, the police said.
Nomura said it was aware of the action taken by the Italian prosecutors and was reviewing the situation and would co-operate fully with the authorities, according to Reuters.
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