Home » Crac Popolare Vicenza: sentenced to 6 years and 6 months for Gianni Zonin

Crac Popolare Vicenza: sentenced to 6 years and 6 months for Gianni Zonin

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The Court of Vicenza sentenced the former president of the Banca Popolare di Vicenza, Gianni Zonin, to 6 years and 6 months, in the first instance trial for irregularities related to the management of the institute, which was later declared bankrupt.
The sentence was read around 16.00, at the end of the council chamber which had begun at 14.00 yesterday 18 March.
The prosecution had asked for a 10-year prison sentence against Zonin.

As for the other defendants, the former deputy director general Emanuele Giustini was sentenced to 6 years and 3 months, the other former deputy dg Paolo Marin and Andrea Piazzetta to 6 years. Former councilor Giuseppe Zigliotto and former executive Massimiliano Pellegrini acquitted, because the fact does not constitute a crime. The crimes charged to the accused were of false prospectus, an obstacle to supervision and rigging. Prosecutors Luigi Salvadori and Gianni Pipeschi had asked for a sentence of 8 years and 6 months for Giustini, 8 years and two months for Marin, Piazzetta and Zigliotto, and 8 years for Pellegrini.

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After two years of the start of the trial, and 115 hearings, the judicial process for the former president of the Institute Gianni Zonin, the former director Giuseppe Zigliotto and four other former managers of BPVi, accused of stock manipulation, obstacle to supervisory bodies and false prospectus. Eight thousand civil parties. The prosecutors of Vicenza Luigi Salvadori and Gianni Pipeschi have also started a second proceeding, still in the preliminary phase, with the hypothesis of the crime of bankruptcy, which would involve companies and intermediaries.

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The “kissed” loans

But let’s go in order. The system of the so-called “kissed” loans has been established. This is the granting of loans in favor of third parties “aimed – according to the procedural file – to the purchase (on the secondary market) and the subscription (on the occasion of the 2013 and 2014 capital increases) of BpVi shares, for a total value of approximately 963 million euros “. Transactions, according to investigative checks,” characterized by the commitment undertaken on behalf of the Bank to repurchase the securities within a pre-established term “for a value of 160 million.

The communicative machine

Add to this the “system” of “false news” spread through press releases and communications to the public. A mechanism to hide the real size of the assets (in the 2012, 2013 and 2014 financial statements), emphasizing aspects such as the granting of loans that were actually cracking the structure of the Institute. Not only that: in a “conscious” way, the supervision of the Bank of Italy was hindered.

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