Judge Paola Luisa Bozzo Costa has rrejected the appeal of the US fund Apollo with which he asked to inhibit the vote of the majority shareholder of Banca Carige, Vittorio Malcalza, at the shareholders' meeting on 28 March.
Malacalza will therefore be able to vote in the assembly in which it will be decided whether to proceed with legal action against the past management of the bank and the fund itself.
Amissima Assicurazioni (of which Apollo is the controlling shareholder), owner of 0,1% of the share capital of Carige, filed an urgent appeal requesting the inhibition of voting by Malacalza Investimenti, which today holds a 17,6% stake, arguing that the shareholder did not ask for and obtain from the European Central Bank, the strengthening of the capital beyond the 10,5% stake purchased at the beginning of 2015.
The company that spoke of has already expressed its no to Apollo's appeal an “instrumental and reckless” judicial action undertaken by Amissima Insurance. In the note, Malacalza Investimenti also goes on the attack, emphasizing that Amissima holds 0,10% of Carige (for a value of 236 thousand euros at yesterday's closing price), a share acquired "instrumentally a few days before the presentation of the appeal".
"From the disconcerting reading of the summons published by Carige on 21 March 2016 following a request by Consob - continues the note - other particulars emerge, temporal coincidences and details regarding the conduct of the previous directors and by Apollo damages to the Bank and therefore to all the shareholders”.
At the meeting to be held on 28 March, Banca Carige's shareholders will have to vote on the proposal liability action against the former president Cesare Castelbarco Albani and the former CEO Piero Montani as well as a series of subjects attributable to the Apollo funds.
Apollo's reply was also punctual: "Amissima trusts that after the next shareholders' meeting on 28 March, the Supervisory Authorities and the Judicial Authorities will ascertain the existence of an unauthorized control by Malacalza, despite the law expressly providing that the control of a bank must be previously authorized by the European Central Bank, and this to protect the interests of the Bank, its minority shareholders and other stakeholders".
"After the meeting - continues the note - the governance of Banca Carige will be characterized by a Board of Directors of which Malacalza Investimenti - although not authorized to control - will have expressed 9 directors out of 15 (or 10 out of 15 if one includes the director expressed through a shareholders' agreement by the Carige Foundation), as well as by a Board of Statutory Auditors (i.e. the body that should exercise control of the legality of the Board's acts) of which Malacalza Investimenti will have expressed 2 members out of 3”.
