The judicial odyssey of Fonsai continues. The Guardia di Finanza of Turin notified today 14 new warranty notices to the managers who were part of the Executive Committee of the Board in March 2011 and to the person in charge of the financial statements at the time, Salvatore Ligresti, who together with his children was also the reference shareholder of the insurance company.
Misc the accusations: market manipulation, false prospectus, false accounting and administrative liability of entities. The members of the Executive Committee of Milano Assicurazioni, as well as the company itself and the parent company Fondiaria Sai, were also affected by guarantee notices for market manipulation alone.
The alleged crimes refer to the consolidated financial statements of the group for 2010, in which - also according to Isvap - it was allegedly hidden from the market a hole in the claims reserves of at least 600 million euros, thus depriving investors of crucial information for a correct valuation of shares.
The same financial statements were also used as a reference for the preparation of the information prospectus for a capital increase of Fonsai of around 450 million, which took place in July 2011.
At the beginning of the afternoon, Fondiaria Sai's share on the Stock Exchange lost more than four and a half points, well behind the Ftse Mib.
