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Alitalia-Etihad bankruptcy investigation closed: 21 suspects

Alitalia-Etihad bankruptcy investigation closed: 21 suspects

The public prosecutor’s office in Civitavecchi, Italy, closed the Alitalia-Etihad bankruptcy investigation into the Alitalia crack by contesting, for various reasons, the crimes of aggravated fraudulent bankruptcy, false corporate communications, obstacle to supervisory functions, and false public deed to 21 excellent suspects: top management, members of the Board of Directors, commissioners, and consultants who over the course of almost 3 years, from 2014 to February 2017, took turns at the helm of the company.

At the trial were the former Alitalia CEO Silvano Cassano, Luca Cordero di Montezemolo; Cramer Ball, the CEO of Alitalia; James Hogan, former President and CEO of Etihad, and several managers and members of the Board and the board of statutory auditors.

The suspects

In the Alitalia-Etihad bankruptcy investigation is also the current Unicredit (bank) CEO Jean Pierre Mustier, the vice president of Confindustria Antonella Mansi, and the former commissioner of Alitalia and liquidator of Air Italy, Enrico Laghi.

In the proceeding – in addition to the already known names of Montezemolo, Ball, and Hogan – the company Alitalia Sai is also being investigated for administrative liability of the entities.

The Prosecutor of Civitavecchia notified the act to: Silvano Cassano, Luca Cordero di Montezemolo, Mark Ball Cramer, Duncan Naysmith, Reginald James Hogan, Carlo Rosati, Claudio De Cicco, Matteo Mancinelli, Paolo Merighi, Corrado Gatti, Alessandro Cortesi, Roberto Colaninno, Denis James Rigney, Jean Pierre Mustier, Giovanni Bisignani, Andrea Paolo Colombo, Antonella Mansi, Enrico Laghi, Domenico Falcone, John Charles Shepley, and Giancarlo Schisano.

According to the magistrates and investigators of the Police Department of the Guardia di Finanza, the 3, together with 16 other suspects, would be responsible for the Alitalia bankruptcy because “with multiple executive actions of the same criminal design” they would have committed a series of fakes in the balance approvance.

But in the chasm of the Alitalia accounts, according to the magistrates, there was not only this. The 3 ADs Cassano, Montezemolo, and Ball, together with the CFO Duncan Naysmith, would have “distracted and dissipated” another 600,000 euros for corporate events for expenses that were initially incurred by Etihad but which were then “unduly charged” to Alitalia.

The hypotheses of crime, for various reasons, are aggravated fraudulent bankruptcy, false corporate communications, and obstacles to the supervisory functions.

The news widely disseminated by the main Italian newspapers has not affected the Italian political opinion that perseveres in its work to rescue an air carrier that has always been borne by Italian taxpayers intended to contribute to its maintenance if investors interested in it are not found.