Italy's Oldest Bank Ex-Chairman Accused of Intimidation Plot Before Aide's Death

Giuseppe Mussari, the former chairman of Italy’s oldest bank, Monte dei Paschi di Siena, has been accused by an Italian parliamentary commission of ordering an intimidation plot against a top aide shortly before the aide’s death. The commission alleges Mussari directed an "act of intimidation" against David Rossi, the bank’s communications chief, in 2013, a development that has added a new layer to the ongoing investigation into Rossi's death.

Rossi died in March 2013 after falling from a third-floor office window at the bank's headquarters in Siena. While the death was initially ruled a suicide, subsequent investigations and a parliamentary inquiry have raised questions about this conclusion. A new forensic assessment suggested Rossi may have been physically assaulted by at least two individuals before his fall. CCTV footage reportedly showed two unidentified men near his office who left without alerting authorities.

A witness statement cited by the commission claims that those involved in the alleged plot feared Rossi "might talk," although the specific information they were concerned about is not clear. The commission referred the matter to prosecutors, as it does not have the authority to investigate Mussari or Gabriele Ceccherelli, who was accused of organizing the alleged intimidation by selecting attackers.

Mussari has denied the allegations, stating his intention to defend his reputation in court. Rossi's family has consistently disputed the suicide ruling. Two previous investigations into his death, closed in 2014 and 2017, failed to definitively resolve the circumstances. A 2022 parliamentary inquiry criticized the original investigations for appearing biased towards the suicide theory and for not pursuing other explanations sufficiently.

The events surrounding Rossi's death occurred during a turbulent period for Monte dei Paschi di Siena. Mussari had overseen the bank's 2008 acquisition of Banca Antonveneta, a deal that faced criticism for being overpriced. The bank also incurred significant losses from risky derivatives during the financial crisis. In 2014, Mussari and other Monte dei Paschi executives were convicted for obstructing regulators and misleading investigators regarding the bank's finances post-Antonveneta acquisition. This conviction was later overturned on appeal, and his acquittal was upheld by Italy’s Supreme Court.

Rossi, who had worked closely with Mussari for years, was reportedly under pressure related to investigations into alleged corruption and fraud at the bank. Just 15 days before his death, Rossi's home and office, as well as Mussari's residence, were searched by investigators, though Rossi had not been formally named a suspect.

Rossi's death was one of three in the banking sector between 2013 and 2014 that were initially attributed to suicide, with each individual having ties to global banking scandals. As of Monday, neither Mussari nor Ceccherelli had been criminally investigated in relation to the new allegations.