The ECB has requested liability action against the former directors of Banca Carige. This is anticipated by La Stampa, which takes stock of the complex situation of the bank after the commissioner decided by the European Central Bank.
According to the reconstruction of the Turin newspaper, in attachment 1 to the letter from the ECB dated 1 January last with which the decision was made to place the Ligurian institute under receivership, point 3 - out of the seven that make up the document - concerns precisely the request of the liability action. The annex, it should be remembered, establishes the duties of the Carige commissioners and the guidelines within which they will have to move to ensure business continuity, guarantee liquidity management and face the complex crisis of the institution (transfer of non-performing loans and preparation of business plan ). Evaluating and launching a liability action would enter the heart of the ongoing clash between shareholders and managers, rekindling the board conflict that led to the rapid turnover of four CEOs in just a few years and the resignation of 16 board members between March 2016 and August 2018, before the appointment of the last board then dissolved by Frankfurt.
Precisely the high level of conflict is one of the reasons reported in the letter from the Supervisory Authority on the receivership as it caused < > and < >. The same conflict has given rise to cross-cutting controversies among the representatives of Carige's shareholding structure for at least one issue: consultancy fees - which also concern the board of current commissioners Modiano (chairman) and Innocenzi (managing director) and which aroused protests from the shareholder Raffaele Mincione or the then president Giuseppe Tesauro, who then resigned last June. But beyond consultancy, among the other reasons for dissent, La Stampa finally recalls, there is also the sale of a Utp (Unlikey to pay) portfolio for 450 million euros to Bain, last October, which generated costs estimated approximately 30 million or, at the time of approval of the half-year report, the disclosure of 20 million losses. All open questions and on which the ECB is now asking to assess the responsibility of the bank's directors.
