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An Italian judge has ordered that dozens of executives including managers from bank Capitalia go on trial on charges they had a role in the collapse of a real estate and hotel group, Capitalia said on Tuesday.
A source close to the bank said Capitalia Chairman Cesare Geronzi and entrepreneur Roberto Colaninno were among those facing trial on charges that some creditors received preferred treatment over others.
More than 60 managers and bankers from Capitalia, Banca Agricola Mantovana and Banca Nazionale dell'Agricoltura are under investigation over the collapse of Bagaglino-Italcase, which left 600 million euros ($714 million) in debt when it collapsed in 2000.
Prosecutors charge that the banks extended 125 million euros in loans to Bagaglino from 1998 to 2000 even though the group's financial difficulties were obvious, with the aim of gaining some of the group's properties as collateral for previous loans.
Capitalia called the charges "illogical", saying in a statement that it would never have loaned money to the developer of holiday villages if it had known the company was on the verge of bankruptcy, adding that it believed in the group's turnaround potential at the time.
It was the latest in a series of legal headaches for Geronzi. He is under investigation in two different cities over Capitalia's role in the collapse of food group Cirio.
Geronzi also was indicted in December for allegedly giving false information to Bank of Italy regulators in 1996.

Copyright Reuters, 2004

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