A former manager of Barclays in Italy Vittorio Maria De Stasio and businessman Aldo Bonaldi were sentenced to jail by a court in Milan on Friday on corruption charges.
De Stasio, who was sued by Barclays, was charged with facilitating loans to four companies owned by Bonaldi even after finding out the businessman was caught up in a case involving an 11-million-euro scam against the European Union.
The court heard De Stasio, who was Barclays’ chief executive for retail and business banking in Italy, received 150,000 euros in kickbacks paid into Swiss bank accounts after the loans were granted.
A judge sentenced the pair to two years and eight months each in prison. They have the right to appeal and will not go to jail until the appeals process is exhausted.