LANDSLIDE IN THE STOCK EXCHANGE FOR LIGRESTI AND UNIPOL. IN 2011 31 MILLION AT THE TOP OF FONSAI
The securities of the "large insurance pole" collapsed on the Stock Exchange, in the wake of the difficulties of the complex four-party merger project and the unknown factor represented by the judicial investigations. In mid-morning Premafin landslide of 19,96%. Fonsai -3,839% fell sharply. On Friday, Premafin's board had set the value of Fonsai shares at 3,95 euros as part of the restructuring project to be carried out pursuant to article 67 of the bankruptcy law (ie without appealing to the court as foreseen by article 182). The difficulties of the operation also affect Milano Assicurazioni -3,69%.
Not even Unipol was free – 8,69%, on the first day of trading after the reverse split of the shares (1 new for every 100 old).
Meanwhile, new embarrassing details emerge on the Fonsai front. In 2011, the year ended with a loss of 1,03 billion euro, emoluments of almost 31 million euro were paid to the board of directors and to the "strategic executives". The three children of the honorary president Salvatore Ligresti received a total of almost 5,5 million: 2,51 to the president Jonella, 2,14 to the vice president Paolo and 837 thousand to the former vice president Giulia who will receive compensation, currently not yet known, as president Premafin (last year equal to 2,12 million).
The former managing director Fausto Marchionni collected 11,4 million euros, of which 10,5 million as severance pay. Marchionni, who resigned from operational positions on 31 January, for one month as general manager (January 2011) he received 626 thousand euros, much received for seven months of work by the new general manager Piergiorgio Peluso (661 thousand euros), who joined the group in June 2011. The salaries of the vice president Antonio Talarico (2,2 million) and the managing director and general manager Emanuele Erbetta (2,26 million). Thanks to 1,85 million professional consultancies, the councilor and lawyer Carlo d'Urso takes home 1,907 million. The vice president Massimo Pini, to whom the Ligrestis have always delegated relations with the institutions and politics, collects 1,15 million. Councilor Vincenzo la Russa received 561 euros thanks to consultancy services for 466 euros. Overall, the Board of Directors cost 25,7 million euros to which must be added 5,2 million euros reserved for "strategic executives", for a total cost of 30,9 million.
These figures, like the real estate transactions and the maxi-consultations to the controlling shareholders, are today being examined by the prosecutor Luigi Orsi, owner of the investigation into the Ligresti group which also invests the effectiveness of the control role of Isvap, the led by Giancarlo Giannini. In recent days she was heard by the magistrate Flavia Mazzarella, deputy director general of the Institute. It is probable that the meeting concerned the attitude towards advice and other alleged irregularities already known to the authority. The board of statutory auditors, in fact, let it be known in the report to the shareholders in view of the meeting that it will have to pronounce, among other things, on the methods of the recovery plans of the company (Unipol plan or Sator-Palladio proposals) of "having disclosed the results of the investigative activity" carried out following the complaint by the Amber fund "also to the supervisory institutes Consob and Isvap, to which the latter, however, were already aware of the same facts, having detected them during an inspection which ended last year".
The report refers to the ISVAP inspection of Fonsai in October 2010 which also covered the transactions with the Ligresti family and which ended in May 2011 with a series of findings and a request, according to Fonsai's financial statements , to "provide clarifications and adequate justifications". In August 2011, Fonsai's board of directors had reviewed its governance, strengthening the controls on transactions between related parties, and "shared, subject to adequate information on all the aspects highlighted by Isvap, the Company's interest in carrying out the transactions with related parties subject to inspections”, thus closing the matter with the supervisory authority.
After three hours, Premafin's board of directors called to approve the financial statements and convene the shareholders' meeting for the capital increase concluded. Today the whole Ligresti family met at the headquarters and numerous legal and financial advisors arrived. According to the first rumors, the board set the value of the subsidiary Fonsai at 3,95 euros, a price estimated on the average of the latest stock market prices. The company would be willing to continue the restructuring plan according to the former article 67, i.e. without submitting to the scrutiny of the Court and then to close the merger with Unipol.
