Oaktree-backed bank under court administration over mafia-linked loans

Roula Khalaf, Editor of the FT, curates her top stories in the Unlock the Editor’s Digest, a free weekly newsletter. Banca Progetto, a Milan lender backed by Oaktree Capital Management, is under judicial administration for allegedly giving state-guaranteed loans to businesses linked to the ‘Ndrangheta mafia. The bank, founded in 2016, faces allegations of breaching anti-money laundering regulations and working with individuals involved in serious crimes, while its controlling stake has been sold to Centerbridge Partners amidst ongoing investigations.

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