Italian Economic Minister under investigation for tax fraud

Italy's Economic Development Minister Corrado Passera was put under investigation for alleged "fiscal frauds" dating back to a few years ago. A court in the Italian northern city of Biella has investigated over alleged tax offenses involving Minister Passera when he was the CEO of Banca Intesa in 2006, and then executive director of Italy's leading banking group Intesa Sanpaolo, which was set up in 2007 from the merger of Banca Intesa and Sanpaolo IMI, the Turin-based (La Stampa) newspaper said. Passera reportedly signed the tax return for fiscal year 2006. The complaints concern an international fiscal operation transited through Biverbanca, an institution in Biella at a time when it was controlled by Banca Intesa and then transferred to the Monte dei Paschi di Siena (MPS), both of which are major banks in Italy. According to the newspaper's sources, the operation would have taken advantage of the asymmetry between the Italian and British tax systems for the profits of the Italian banking group.