British investors slam Italy's regulators as Olivetti crisis deepens
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.British banks and institutions are furious with Italian regulators who have left them exposed to the crisis at Olivetti, the Italian computer and office equipment maker.
City brokers specialising in Italian stocks said the exchange in Milan should have slapped a suspension on Olivetti shares two weeks ago, when its finance director complained that the latest accounts were unreliable.
And the bar should have been held in place until they received satisfactory answers, instead of being lifted periodically to allow more instability in the shares, they say. "I've seen panic selling followed by panic buying followed by panic selling," said one trader. "It was really poor procedure from Consob [the Italian regulator]. This stock should have been suspended two weeks ago."
Overseas holdings in Olivetti have grown dramatically recently, with up to 70 per cent of its shares now held abroad.
Brokers also voiced suspicions that the Italian establishment quietly backed out of Olivetti more than a year ago because of its looming losses.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments