Bologna

Fonsai asks Ligresti family for larger damages payout

Insurance company seeks 32 million in damages

Fonsai asks Ligresti family for larger damages payout

Bologna, July 30 - Italian Insurance company Fonsai is seeking another 32 million euro in damages from former shareholders, the Ligresti family. The demand approved Tuesday comes in addition to a 245 million euro payout approved in March. Earlier this month, three members of the Ligresti family were arrested on in relation to a probe into alleged fraud at Fonsai. They are suspected of false accounting and market manipulation for alleged involvement in cooking the books to the tune of 600 million euros in the 2010 balance sheet. The Ligresti family are the former majority owners of the Fonsai and Milano Assicurazioni insurance companies. Shareholders voted in favour of the additional demands for damages from the Ligresti family, in relation to what were classified as involving ''minor operations''. The bulk of those concern a real estate transaction in Florence, the restructuring of a hotel in Madonna di Campiglio and marketing contracts with the company Gilli. Salvatore Ligresti, the family patriarch and former honorary chairman of Fonsai, was recently put under house arrest along with two former executives from the insurance company.

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