THEIsvap he has appointed Matteo Caratozzolo ad acta commissioner of Fondiaria Sai. His task will be to promote any liability actions against the past management in order to "safeguard and replenish the assets" of the insurance company and its subsidiaries. The assignment will end on January 31st.
The decision was announced by the guarantee authority yesterday late in the evening and takes into account "the inertia of Fondiaria Sai in putting an end to the disputed violations and in removing the relative effects".
In June, the insurance supervisory institute had found serious irregularities in the management of the company in the past years. Some were also targeted payments to members of the Ligresti family.
On June 26th, the FonSai board of directors had given the mandate to the president Cosimo Rucellai to convene the assembly on the liability action by September 25th (term then postponed to October 30th), while the CEO Emanuele Erbetta and the general manager Piergiorgio Peluso with the support of consultants (Gianni Origoni for the legal aspects, PriceWaterhouse for the financial ones and Reag for the real estate appraisals), they had been commissioned to develop the formulation of a detailed proposal for action. Isvap, however, deemed the measures taken "unsuitable"..
The task of the commissioner, who de facto ousts the Board of Directors and the shareholders' meeting, provides for the identification of the subjects responsible for the operations carried out "to the detriment of Fondiaria-Sai" and the determination of the damage caused, with the consequent "all initiatives, including judicial ones" necessary to safeguard and reintegrate the assets of the group.
This morning in Piazza Affari, Fonsai shares are down 0,1%.
