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Business News

Italy seizes €1.8bn in Nomura inquiry

Prosecutors in Italy are seizing about €1.8bn (£1.5bn) of assets from the Japanese group Nomura Holdings as part of an inquiry into Banca Monte dei Paschi di Siena's use of derivatives to hide losses. The sequestration is linked to allegations of fraud and usury.

The bank has alleged that Nomura colluded with its former managers to devise one of two derivatives in 2008 and 2009 that hid losses totalling as much as €557m.