Milan

Milano Assicurazioni, Fonsai boards may sue Ligresti family

Family members, auditors, accused of millions of euros of losses

Milano Assicurazioni, Fonsai boards may sue Ligresti family

Milan, February 5 - Members of the Ligresti family, the former majority owners of the nearly-defunct Milano Assicurazioni and Fonsai insurance companies, will likely face lawsuits by the companies themselves after having caused hundreds of millions of euros of damages to the companies' former shareholders. The boards of directors of the two companies, who almost collapsed last year, have called for shareholder meetings on the 13th and 14th of March, respectively, to determine actions against former company administrators and auditors, according to a statement released Tuesday. The meetings will determine what actions to take against Ligresti family members Salvatore, Jonella, Giulia and Paolo, former Chief Executive Fausto Marchionni as well as councilors and auditors who served with the two companies. In the statement Tuesday Matteo Caratozzolo, Fonsai's administrator, said that in real estate transactions he investigated the group "was subjugated to the will of the Ligresti family, through the action of yes-men administrators. The value of the damages caused is huge, in the order of hundreds of millions of euros". Caratozzolo also said in his report that Salvatore Ligresti was paid "abnormal compensation for the purpose of making the Fonsai group purchase real estate owned exclusively by connected companies". The family will also be called to answer for its use of the firms' financial resources to pay for some 4.76 million euros in sponsorships for horses owned by Ionella Ligresti - "a further way to unjustly drain resources from the Fonsai group for the benefit of the Ligresti family," according to Caratozzolo. Separately Tuesday, negotiations on redundancies between unions representing employees of insurer Unipol and Fonsai, which was absorbed into Unipol as part of efforts to salvage the Ligresti companies, got off to a bad start. According to a joint union statement, Unipol is attempting to get dodge "fundamental guarantees" for workers by not deliberately excluding from its proposal for integrating the two firms' work forces references to individual or collective firings. Photo: Ionella Ligresti

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