Home » Ita clash over privatization and advisors, six directors resign

Ita clash over privatization and advisors, six directors resign

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Ita clash over privatization and advisors, six directors resign

The sale of Ita Airways splits the board of directors with six directors who have resigned: Lelio Fornabaio, Alessandra Fratini, Simonetta Giordani, Cristina Girelli, Silvio Martuccelli and Angelo Piazza. The chairman Alfredo Altavilla, the CEO Fabio Lazzerini and the councilor Frances Ouseley remain on the Board.

The rift is created by the proliferation of advisors around the operation: an expense of millions of euros which the Court of Auditors could ask for knowledge.

In fact, on January 31st, the board of directors appointed its consultants for the sale: JP Morgan and Mediobanca, for the financial part; Great Stevens and Sullivan & Cromwell, for the legal one. A move replicated 10 days ago by the Ministry of Economy, sole shareholder of the airline: Equita for the financial side and the Onorati law firm. In fact it is a duplicate.

However, the sale of shares in the company to one of the two consortiums in the field – Msc-Lufthansa, on the one hand, and Certares-Air France-Delta, on the other – will be carried out by the Treasury and its consultants, according to a transparent and competitive outlined in the decree (the Dpcm) of the government.

This is why in the last few hours, several Ita directors have asked for the resolution of the January Board of Directors to be revoked, which gave a mandate to the advisors: an unnecessary expense, given the move by the executive.

A climate of growing tension that could lead to the cancellation of the entire board of directors.

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