Giovedì, 18 Ottobre 2018

IFIL-EXOR top brass convicted


Turin, February 21 - A Turin appeals court on
Tuesday convicted top management at IFIL-EXOR, the financial arm
of the Agnelli family, on charges that they sought to mislead
the stock market in regard to a 2005 equity swap.
IFIL-EXOR Chairman Gianluigi Gabetti and Secretary Franzo
Grande Stevens, who had been acquitted at the first trial in
2010, received 16-month jail terms.
The pair said they would appeal to Italy's top appeals
court, the Cassation Court.
The trial was an offshoot of a February 2007 decision by
stock market regulator Consob to hand out heavy fines for the
alleged undeclared equity swap.
The Agnelli family's financial arm IFIL, which was later
merged into Exor, was fined 4.5 million euros, Gabetti five
million euros and Grande Stevens three million, while Giovanni
Agnelli & Co was fined three million euros and one of its
officials, Vincenzo Marrone, 500,000 euros.
Gabetti, Grande Stevens and Marrone were also barred
from holding executive positions at a listed company for a
period of respectively six, four and two months.
According to Consob, and later prosecutors, IFIL had made
false statements in August 2004 when it claimed that it had not
studied initiatives to maintain a controlling stake at Fiat of
over 30%.
The following April, EXOR, at the time the Agnelli family's
tourism company, acquired 82.25 million Fiat shares from Merrill
Lynch and in September these shares were sold to IFIL.
The deal allowed IFIL to maintain an over 30% interest
in Fiat even after Fiat's creditor banks converted their loans
into company stock.
Without the EXOR shares, the Agnelli family's interest
in Fiat would have been watered down to some 22% by the
capital increase.
IFIL was merged into EXOR in a financial restructuring
operation carried out by the Agnelli family.

photo: Franzo Grande Stevens

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