The Preventive Measures Section of the Milan Court ordered a judicial administration for the Milan investment bank, ie Project Bankfor having granted him funding, discovered by investigations of Economic and financial police unit of the Gdf and the prosecutor Paolo Storari, who companies linked to the ‘Ndrangheta for more than 10 million euros.
It was about funding guaranteed by the Fund for small and medium-sized enterprisesso “state aid to support the economy in the Covid emergency” or “after the Russian attack against Ukraine”.
Il “modus operandi” of Spa Banca Progetto “opaque and suspicious” that “the risk of insolvency, which actually happened, transferred to the State” to the State, financing companies linked to the ‘ndrangheta with state-guaranteed funds, and created “the paradox that the money appears to flow into the coffers of state-based criminal gangs.” The The provision is written by the judges of the Section for Preventive Measures of the Court of Milan of the judicial administration of the Milanese business credit institution, speaking of “money”, over 10 million euros, “cannibalized” by the clans with “enormous profits”.
With the analysis of the “banking files”, we read in a note from the Milan prosecutor Marcello Viola, “it made it possible to find out how the intermediary”, ie Banca Progetto, “often avoid the principles of anti-money laundering legislationafter providing loans with the support of a state guarantee in favor of a society completely immersed in criminal dynamics, as the subject of the crime dispute regarding the fraudulent transfer of values, in some cases carried out according to the strict circumstances of the mafia method, which is to facilitate the ‘local’ of the ‘ndrangheta di Legnano/Lonate Pozzolo’, province of Varese.
The investigations, carried out by the PEF unit GICO of the Milanese GDF and coordinated by the DDA, led by Marcello Viola and Alessandra Dolci, highlighted “several critical issues regarding the operations of the credit institution, as well as the dangers of permeability regarding the relationships with individuals under investigation for serious crimes or persons receiving personal/property preventive measures”.
The Gdf carried out the judicial administrative action, which was decided on the basis of the “Anti-Mafia Code”, today. And “it is the result of wider investigations” aimed at deepening “the relationships between the financial institution and the subjects linked to the ‘Ndrangheta cliques”.
It was established, the Prosecutor’s Office explains, “as various companies indirectly managed by The subjects close to the exporters of the Ndrangheta “benefited over the years from financing provided by Banca Progetto” with the help of state guarantees provided by the Central Guarantee Fund in favor of Mediocredito Centrale SMEs (Law 662/1996), to access state aid to support the economy in the Covid-19 emergency rather than continuing Russia’s aggression against Ukraine”.
From Popolare Leccese to Banca Progetto
Banca Progetto is a digital bank led by CEO Paolo Fiorentino, controlled by the American Oaktree which signed an agreement in September, however, to sell its 99.82% to funds managed by Centerbridge Partners.
The US asset management company took over Banca Popolare Lecchese in 2015, transforming it into Banca Progetto, with offices in Rome and Milan, a national commercial network specialized in salary secured loans and factoring financing for SMEs. From 2018, the leadership was entrusted to the former manager of Unicredit and the former CEO of Banca Carige. Banca Progetto closed 2023 with a net profit of 71.9 million euros, up 38.3% compared to the 52 million euros at the end of 2022.
Last year it provided new funding of 2.8 billion euros to SMEs (+4% year on year), generated a net profit of 72 million, with equity of 290 million, a return on equity (“RoE”) of 28% and a CET1 ratio of 17.4 percent. Oaktree Capital Management is among the largest global managers specializing in alternative investments. Since last May the American fund has controlled Inter (with 99.6% of the capital).
Banca Progetto: “The institution is not a commissioner and is not the subject of an investigation”
Banca Progetto Spa, which was this morning achieved through the provision of “judicial administration”. issued by the Court of Milan, this is stated in a note “The institution is not a commissioner and that the Bank, nor its representatives or employees, is not being investigated. Banca Progetto Spa therefore intends to reassure its customers and stakeholders that “it will continue to operate in a completely normal way through its internal bodies and structures”. “In the context of criminal proceedings that do not belong to the Bank, the provision was issued regarding alleged investigation deficiencies of 10 loans out of approximately 40,000 that exist, and its objective is to verify, through the appointment of Donato Maria Pezzuto who will be supported by the structures of the Banks, as well as the adequacy of organizational defenses and internal control” we read in the press release.