Shot on the stock exchange in the morning for Fondiaria which rises to 5,99% and then cools down to +1,45% and for Unipol to +6,5% and then slows down to +1,74%, the day after the first day of reverse split (1 to 100). In the coming weeks, Unipol and Fonsai will tighten the exchange rate knot towards an integration that it is hoped will bring Fondiaria Sai out of the shallows and create the first operator on the non-life market. However, the turning point on exchanges does not appear as a "technical" junction that is easy to solve in the light of the assessment made by Premafin's consultants on the value to be attributed to the shareholding in Fonsai, 3,95 euros per share. Values that he has for those who have to put fresh money to save Fonsai probably seem too high. Meanwhile today Alberto Nagel and Renato Pagliaro, ade president of Mediobanca in charge of the Fonsai rescue, are visiting Unicredit, shareholder and major creditor of the Ligresti group company.
But more than the future of Fonsai, in these days the past of a story that becomes more and more "sad" as details emerge.
1) According to Fonsai's board of statutory auditors, since last year Isvap was aware of the maxi-consultations and real estate transactions between Fondiaria Sai and the Ligresti family reported last October by Amber and ended up in the crosshairs of the judiciary. The report reads: the board of statutory auditors "announced the results of the investigation" carried out following the complaint by the Amber fund "also to the supervisory institutes Consob and Isvap, to which the latter, however, had already known the same facts, having detected during an inspection that ended last year". This investigation had been initiated by Isvap in October 2010 and was closed in May 2011 with a request to "provide clarifications and adequate justifications". The matter with the supervisory authority was closed in August 2011 when Fonsai revised its governance, strengthening the controls on transactions between related parties, and shared Fonsai's interest in the transactions with related parties subject to the investigations. In reality, prosecutor Luigi Orsi, who is resuming the interrogations today, suspects that the real estate transactions and maxi-consultancy have impoverished the insurance group and last Friday he also heard the deputy director general of Isvap, Flavia Mazzarella, as a person informed of the facts. Which has led to doubts about Isvap's supervisory action.
2) In 2011, the flood of money that poured into the pockets of directors and consultants did not stop. Despite a 2010 loss of around one billion (as in 2011: despite a profit of 50 million having been promised), a recapitalization already carried out and a new one necessary and the promise a year ago for salaries in line with the sector and fewer operations with related parties. The fees paid to the board of directors and strategic executives in 2011 amounted to almost 31 million euro. The list is long. These are some of the most significant figures: 5,5 million for Salvatore Ligresti's three children (2,51 for the president Jonella, 2,14 for the vice president Paolo and 837 thousand for the former vice president Giulia, which also adds up the remuneration as president Premafin) ; a good 11,4 million euros to the former managing director Fausto Marchionni, of which 10,5 million as severance pay; 2,2 million for the vice president Antonio Talarico and 2,26 for the managing director and general manager Emanuele Erbetta; 1,907 million of which 1,85 million in professional consultancy for the adviser and lawyer Carlo d'Urso; 1,15 million for the vice president Massimo Pini. And again: Fonsai paid 200 thousand euros to the lawyer Barbara De Marchi, wife of Paolo Ligresti, and 320 thousand euros to Gilli for marketing services and the purchase of free gifts. Then there is also the legal advice to La Russa, Vincenzo and Geronimo, respectively brother and son of Ignazio, which amount to 670 thousand euros. ”The professional collaboration of the La Russa law firms with Sai began long before the Ligresti Group joined Sai and has therefore continued continuously for about 40 years now. Circumstances that are significant and perhaps decisive for the question”, Ignazio La Russa retorted in this regard.
3) On March 26, the Amber fund sent a new letter requesting "a timely completion" by the board of statutory auditors and the board of directors of the in-depth activities contained in the complaint of last October. According to Amber, it is necessary to check the impacts that the irregularities found may have had on the correctness of the financial information provided by Fonsai such as the financial statements and the prospectus of the latest capital increase. Furthermore, according to the fund, some of the facts reported were not presented in the mayors' report to the assembly on 19 March. The board of statutory auditors of Fondiaria Sai replied that the investigations are underway and that the next meeting "will give an account of the results at that date".
4) Adusbef took to the field yesterday with new complaints after those of last January. The consumers' association points the finger at the omitted supervision of Isvap and Consob, the conflict of interest of Maurizio Dallocchio, consultant of Premafin in the evaluation of the value of the company's shares and also president of Citylife, owned by the group until last summer Ligresti, and was a director of Banca Sai.
5) To conclude, the members of the board that until yesterday commanded all of this will probably remain in place. Yesterday the list for the new board was announced: all directors confirmed with the sole exception of D'Urso and Marchionni. Jonella Ligresti remains a presidential candidate for now. More than a step back.
