John Zonin, former president of Banca Popolare di Vicenza, was sentenced by the Court of Vicenza to 6 years and 6 months' imprisonment at the end of the first instance process. The proceeding concerned the crack of Pop Vicenza and the management of the institute. Given the seriousness of the charges, the Vicenza prosecutor's office had asked for a 10-year sentence. The reasons for the sentence will be published in 90 days. The disputed crimes are, for various reasons, insider trading, obstacle to supervisory bodies and false prospectus.
In addition to Zonin, the court sentenced the former deputy director general to 6 years and three months Emmanuel Giustini and at 6 years each other two former general managers Paolo Marin and Andrea Piazzetta. Former board member Giuseppe Zigliotto and manager Massimo Pellegrini were acquitted instead because the fact does not constitute a crime. The approximately 8 civil parties involved in the trial received 5% of the value of the shares held as compensation and will have to proceed in civil proceedings to obtain further compensation. Convicted defendants will have to pay the legal costs to the civil parties. In addition to the small shareholders of Banca Popolare di Vicenza, the Bank of Italy was also formed in the process.
“We have a conviction and it was important for small shareholders who lost their savings. Now we will see how to obtain compensation”, commented the lawyer Renato Bertelle, one of the lawyers who assisted some of the civil parties in the trial, questioned by Radiocor.
After four years of investigations, two of hearings and about 116 hearings, the curtain closes on the crash of the Vicentina bank, costing its shareholders dearly - many of them small savers - who have seen the value of the securities fall on waste paper. The problem of compensation will now arise given that 8 shareholders and customers have filed as plaintiffs, but the total number of injured parties is approximately 100 people. The ruling ordered the confiscation of 963 million from those convicted, and the condemnation of Popolare di Vicenza in liquidation to pay 364 million. A provisional payment in favor of the Bank of Italy of 601 thousand euros and 5% of the nominal amount of the value of the bonds or shares purchased from private civil parties is also envisaged (but not exceeding 20 thousand euros for each of them). The problem will be finding this money and it won't be easy.
Updated at 10:31pm on March 20, 2021
