The Judicial Police of the Grand Duchy presented themselves at the offices of Project Redblack with an order upon request for judicial assistance from the prosecutors of Milan, Giovanni Polizzi and Giovanna Cavalleri.
Searches and seizures in the two Luxembourg holding companies linked to Elliott who sold Milan last August for 1.12 billion to Gerald Cardinale’s RedBird. The Judicial Police of the Grand Duchy – as anticipated by the site of Corriere della Sera and confirmed by judicial sources – showed up at the Project Redblack offices with a search and seizure order upon request for judicial assistance by the prosecutors of Milan, Giovanni Polizzi and Giovanna Cavalleri.
Against two former Project Redblack administrators, suspects, a new crime is hypothesized, that of fraudulent bankruptcy. Up until now it was known that the hypotheses of crime at the center of the investigations were embezzlement and obstacle to supervision. The subject of today’s seizure were paper and digital documents attributable to the management of the AC Milan sale and to the use of the sum collected from the sale.
A similar search and seizure order was also carried out at Rossoneri Sport based in the Grand Duchy, it is the company (controlled by Project Redblack) which owned 99.9% of Milan and materially collected the sale from RedBird. As it turns out, documents were also acquired from Intertrust, the consultancy group that manages the administration of dozens of American fund companies, including Project Redblack itself.
The criminal investigation in Milan was born from a complaint by Salvatore Cerchione’s Blue Skye and Gianluca D’Avanzo who she considers herself harmed by the sale to RedBird “occurred in such a way as to jeopardize your right to credit”. The new bankruptcy charge is linked precisely to Blue Skye’s request to the Milan bankruptcy court to declare the insolvency of the two Luxembourg companies.