Italy seeks to indict 297 in Bank of China probe
The suspects include four senior managers of the Chinese state bank’s branch in Milan and, according to prosecutors, at least some used Mafia-like techniques, including intimidation, it was reported.
Earlier this month police in Florence discovered that over €4.5bn in proceeds from counterfeiting, prostitution, labour exploitation, and tax evasion had been sent to China in less than four years using a money-transfer service.
Nearly half that money was funnelled through the Bank of China, which in turn earned a commission, acc-ording to Italian documents.
Investigators said they got nowhere when they tried to appeal to Chinese authorities for help. Once the money left Italy, it vanished behind China’s great legal firewall.
Under Italy’s justice system, a judge will consider the prosecutor’s request and either order a trial or throw out the case. The judge’s evaluation could take months before a decision is made.
In Italy, institutions as well as individuals can be ordered to stand trial.
The case involves operations carried out during the period from 2007-10.
