Popular of Vicenza: the trials remain in Veneto. No transfer to Rome. A group of shareholders of Banca Popolare di Vicenza, assisted by the lawyer Mario Azzarita of the Sat law firm of Padua, obtained an important favorable ruling by the Court of Cassation in the proceedings brought against the Bank of Italy and Consob, for failure to supervise the Vicenza bank. The Bank of Italy had in fact refused the jurisdiction of the Venetian courts of Venice, Padua and Vicenza for the cases promoted by savers, turning to the Court of Cassation to declare the competence of the Lazio Regional Administrative Court to decide on any matter concerning its possible responsibilities. . The acceptance of the requests would have led to a considerable slowing down of the processes and above all a shift of the decisions regarding the Veneto banks from the courts of the territory in which the institutions physically operated. The Court of Cassation has affirmed a principle of law that now applies to all savers damaged following the purchase of Popolare di Vicenza shares: on the questions proposed by investors and shareholders to the supervisory authorities, (Bank of Italy and Consob ), for damages resulting from failure, delayed or inadequate supervision, against the banks and intermediaries, the jurisdiction of the ordinary judge exists, not highlighting the contestation of the administrative powers, but of dutiful behavior in their favor, which do not invest choices and authoritative acts, being said authorities required to respond to the consequences of the violation of the behavioral canons of diligence, prudence and expertise as well as the laws and regulations relating to the proper conduct of supervisory activities, as an expression of the general principle of neminem laedere. The parties affected by the decision are both investors who have lost their money by investing in BPvi shares, such as the footwear industrialist Ren Caovilla who subscribed to the increases in 2013 and 2014, and individual shareholders financed to purchase the shares.
The inauguration of Fii
Meeting strictly behind closed doors (and before any restrictions) for the team of the Italian Investment Fund at the inauguration of the Fii Global Academy, led by Antonio Pace. First speaker of exception Alastair Crooke, English negotiator, founder and CEO of Conflicts Forum, the geopolitical consultancy. Crooke that state advisor for the Middle East for Javier Solana and member of the Committee on the Facts of Senator George Mitchell, for over 35 years he has followed geopolitical issues. Part of the British Intelligence (MI6) kidnapped by the Taliban, (an extraordinary article on the story on theFinancial Times) was also a negotiator in the occupied territories.
Test for independents
Board members are rarely seen to be truly disengaged from the influence of the majority shareholder. Vittorio Villa, managing partner of Villa & Partners Executive Search, thus introducing the new Aifi notebook dedicated to independent directors. The manual, written with the lawyer Fabrizio Vismara, describes the requirements and selection criteria of those co-opted on the board of directors to depersonalize the company, especially the classic Italian family business, and bring it closer to a modern organizational model, which pursues the interest of all the stakeholders.
Ibla Capital does an encore
Ibla Capital, investment company independent active in the turnaround, has closed the collection of its second fund, Ibla Industries II. The vehicle, which reached thehard cap of 30 million euros, will invest in SMEs in financial strain that need a restructuring plan and a relaunch of the business. The vehicle will focus on companies with a turnover of between 10 and 50 million euros, through the acquisition of share capital, company assets and / or debt. The investment ticket, between one and five million euros, will be addressed to industrial companies, with particular attention to the world of manufacturing. Ibla Capital's previous vehicle closed three operations between 2016 and 2019 by investing in Natural Way Laboratories, Presotto Industrie Mobili and Assio, upholstered furniture.
Midac lights up the Canaries
Midac contributes to the energy self-sufficiency of La Graciosa, an enchanting small island in the Canary archipelago. A solution is being tested in which the company from Soave, in the Veronese area, is involved. The European React cluster is financing the installation of photovoltaic solar panels connected to lithium or lead batteries, their maintenance and the permanence of the technologies installed in the homes of the participants at the end of the experimental phase. Midac one of 23 partners from 11 European countries participating in React. The project aims to create an energy improvement plan that aims at self-sufficiency. Midac, which recently celebrated 30 years of life and has exceeded 200 million euros in consolidated turnover, is achieving great results from the production of the new lithium batteries.
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