Another lawsuit yet for BPV Finance Intl Plc

(AGI) London, July 7 - A source in London from Gruppo Sorgente, a corporate giant in the field of real estate investments and finance headed by Valter Mainetti, said: "BPV Finance International Plc has failed to honour its obligations regarding the settlement of a repurchase transaction with us. Hence a lawsuit was filed and the Sorgente Group International Holding in Ireland entrusted it to its law firm." It is yet one more lawsuit that Banca Popolare di Vicenza will have to deal with in the next few months. The information was disclosed in London, since the transaction involved the UK subsidiaries of the two Italian companies. The UK Holding of the Group released a communique specifying that it was Sorgente Group International Holding Ltd, a holding company independent from the Italian Sorgente Group Spa, which purchased the shares of Banca Popolare di Vicenza for a total value of 24.66 million euros, just a few months after the bank successfully passed the stress-test and it was still considered to be in good health. Bpv Finance International PLC, Banca di Vicenza's subisdiary in Ireland, was the counterpart in the transaction. This is not all. BPV Finance International Plc discussed the transaction with Sorgente Group International Holding Ltd as if it were an ordinary business opportunity within the framework of long-standing, ordinary business relations. The bank was interested in acquiring that much liquidity, but thought it could reimburse it in a few months while paying attractive market interests (and actually committed itself to it ). The reimbursement never happened. The source from the Sorgente Group added that technically it was to be a repurchase agreement on securities, leveraging the resources available at that moment with the Group's UK Holding. When the agreement reached its expiry date on December 15, 2015, the transaction was not renewed - BPV was known to be in a critical situation - and there was no reimbursment. As a result the Group decided to file a suit. (AGI) . .