Italy puts Cape Natixis under special administration
The Bank of Italy said Wednesday it had put Italian investment society Cape Natixis, 49 percent-owned by French banking group Natixis, under special administration for "serious... irregularities."
"This emergency administration measure is due to serious administration irregularities and rule infringements that emerged during an inspection," the Bank of Italy said in a statement.
Special administrators were nominated to run the society under the Bank's supervision in order to "put an end to irregularities" and act "in investors' interests."
Fifty-one percent of Cape Natixis is owned by Cimino & Associati Private Equity S.p.A while the other 49 percent is owned by Natixis Private Equity International (NPEI).
© 2011 AFP