When he was CEO of Tim, Amos Genish allegedly hid the update of the financial forecasts for 2018 from the Board of Directors. It was a crucial document, because it anticipated that the results would be lower than those included in the estimated budget and in the approved industrial plan last May. Not only that: the Israeli manager would also have failed to counteract the worsening of the financial picture, only to then oppose the maxi-devaluation of two billion launched after the go-ahead for the results of the first nine months, by which time the disconnect between forecasts and reality was evident.
These allegations against Genish (who is already ready to defend himself and sue the telephone group) are contained in thedisclosure that the Board of Directors of Telecom has attached to the convocation of the meeting for next 29 March. In the text - in addition to rejecting the accusations of Vivendi, who is Tim's leading shareholder with 23,9% and would like to dismiss a third of the directors - the Board lists the reasons that led to the dismissal of the former CEO, then replaced by Luigi Gubitosi.
On page 8 it reads:
– the forecast was delivered to the then Chief Executive Officer (and current Director) Amos Genish, who also did not send it to the Board of Directors and to the CRC, despite the fact that the Directors had requested it, as he had considered it incomplete and submit to further investigation;
– the forecast was presented to the Board of Directors at the meeting of 24 September 2018;
- with reference to the 2019 budget process - which officially started on 16 July and culminated in a first version available on 22 October and a second one on 5 November - it appears that in all its intermediate versions, discussed with Mr. Genish in various meetings, this document highlighted, confirming them, the deterioration trends anticipated by the forecast. None of this documentation has been discussed with the board;
– in the absence of remedial measures that could actually be used for the purposes of the assessments when examining the report as at 30 September 2018, it was necessary to ascertain an impairment loss, despite the opposition expressed by Amos Genish.
The reference is to the impairment of domestic goodwill for 2 billion decided on November 8 by the Board of Directors with the consequent loss of 800 million in the accounts for the third quarter of 2018.
Meanwhile, Gubitosi's position on the Tim board is strengthened with the appointment of Alessandro Picardi as head of Public Affairs. Former president of TivùSat, director of strategic development of Rai platforms and member of the general council of Confindustria Radio Televisioni, Picardi has already worked with Gubitosi when he was DG Rai. He will take office on February XNUMXst and will report directly to the CEO. The appointment comes a few days after the entry of three new managers in the first line.
