Credit

Banca Progetto under judicial protection, loans to companies linked to the 'ndrangheta

Institution under judicial administration: Insolvency risk transferred to the State - Bank: 'We are not in receivership'

24 October 2024

'Ndrangheta: commissariata Banca Progetto, finanziamenti a imprese clan

6' min read

Shock in the world of credit. Banca Progetto is the credit institution subjected to judicial administration by the Guardia di Finanza by order of the Court of Milan - Autonomous Section for Prevention Measures. The investigation by the Dda 'has ascertained how several companies indirectly managed by subjects contiguous to exponents of the so-called 'ndranghetist' matrix, have benefited over the years from funding provided by the credit institution with the assistance of state guarantees provided by the Central Guarantee Fund in favour of SMEs of the Mediocredito Centrale, thus accessing state aid to support the economy' during the Covid emergency or after Russia's aggression against Ukraine. The intermediary, reads the prosecutor's note, 'disbursed state-guaranteed loans in favour of companies fully inserted within criminal dynamics', facilitating the 'ndrangheta local of Legnano-Lonate Pozzolo. In recent months, the bank, chaired by Massimo Capuano and led by CEO Paolo Fiorentino, interrupted the project to land on Piazza Affari in order to continue negotiations for the purchase of the bank and the ownership transfer from the Oaktree fund - sole shareholder (99.8%) with the Luxembourg vehicle Bpl Holdco - to the American fund Centerbridge.

The bank reassures

Banca Progetto specifies "that the bank is not under receivership and that neither the bank, nor its exponents and employees, are under investigation" and "intends, therefore, to reassure its customers and stakeholders that it will continue to operate in a completely ordinary manner through its internal bodies and structures". "In the context of a criminal proceeding that does not concern the bank, the measure was issued in relation to alleged investigative shortcomings of 10 loans out of approximately 40,000 outstanding," the note adds, "and has the objective of verifying, through the appointment of Dr. Donato Maria Pezzuto, who will work alongside the bank's structures, the adequacy of the organisational and internal control structures. The objective, the bank states, is to 'verify, through the appointment of Dr. Donato Maria Pezzuto, who will work alongside the bank's structures, the adequacy of the organisational and internal control structures'.

The case

The Prevention Measures Section of the Court of Milan has ordered the judicial administration of a Milanese merchant bank, Banca Progetto, for having granted loans, as ascertained by the investigations of the Gdf Economic and Financial Police Nucleus and Prosecutor Paolo Storari, to companies linked to the 'ndrangheta for more than EUR 10 million. Financing guaranteed by the fund for small and medium-sized enterprises, therefore 'state aid to support the economy in the Covid emergency' or 'following Russia's aggression against Ukraine

Anti-Money Laundering Evasion

The analysis of the 'bank files', reads a note by Milan Prosecutor Marcello Viola, "has made it possible to ascertain how the intermediary", i.e. Banca Progetto, "often circumventing the principles of anti-money laundering regulations, has disbursed loans backed by a state guarantee in favour of companies fully inserted within criminal dynamics, insofar as they were charged with the crime of fraudulent transfer of values, in some cases committed with the aggravating circumstance of the mafia method, consisting in the facilitation of the 'local' 'ndrangheta' of Legnano/Lonate Pozzolo", province of Varese. The investigations, conducted by the Gico del Nucleo Pef of the Milanese Gdf and coordinated by the Dda, headed by Marcello Viola and Alessandra Dolci, have highlighted "several critical issues concerning the operations of the credit institution, with regard to the dangers of permeability of the same in relation to relationships with persons under investigation for serious crimes or recipients of personal / property prevention measures". The judicial administration measure, ordered under the 'Anti-Mafia Code', was executed today by the Gdf. It "constitutes the result of wider investigations" aimed at "deepening the relations between the financial institution and subjects linked to 'ndrangheta' syndicates". It has been ascertained, explains the Public Prosecutor's Office, "how various companies indirectly managed by subjects contiguous to exponents" of the 'ndrangheta have "benefited, over the years, from financing disbursed" by Banca Progetto "with the assistance of state guarantees provided by the Central Guarantee Fund in favour of SMEs of the Mediocredito Centrale (Law 662/1996), thus accessing state aid to support the economy in the Covid-19 emergency rather than following the aggression of Russia against the Ukraine".

A prosecutor's man in the bank

"They are "emblematic", according to the judges, the words of an arrested man linked to a clan of the 'ndrangheta: "In my opinion, if Banca Progetto took my name and surname, he would make a... said 'let's leave everything alone'". The Milanese credit institution, on the other hand, is alleged to have had a 'superficial and clueless management' by financing with 10 million euro, with funds guaranteed by the State, companies referable to that Maurizio Ponzoni in 'business relations' with Vincenzo Rispoli, historical boss of the Calabrian mafia in Lombardy. For this 'criminal contamination' and those loans granted to companies, at least nine of them, linked to the 'ndrangheta, the Prevention Measures Section of the Court of Milan has ordered the judicial administration for one year, on the basis of the Anti-Mafia Code, for the merchant bank, created when the American fund Oaktree took over Banca Popolare Lecchese. This is a unique measure against a banking institution. As decided by judges Pendino-Cucciniello-Profeta, the professional Donato Maria Pezzuto will assist Banca Progetto's management, above all to strengthen 'internal control garrisons'. And a hearing to verify the work is set for 25 February.

Ponzoni's statements: invoices? all false

In the decree of the Court, issued at the request of the Public Prosecutor Paolo Storari following investigations by the Gico of the Economic and Financial Police Nucleus of the Gdf, the 'modus operandi' of the spa is defined as 'opaque and questionable', also because it has in fact 'transferred the risk of insolvency, which actually occurred, to the State' and has determined 'the paradox that the money flowed into the coffers of the criminal syndicate is of state origin'. The reference is to the 'money', over 10 million, 'cannibalised' by the clans with 'huge profits'. Between 2019 and 2023, more ltds traceable to Ponzoni, who is involved in various proceedings for bankruptcy and 'fraudulent transfer of values' with mafia aggravation, would have 'benefited' from 'funding provided' by Banca Progetto 'with the assistance of state guarantees provided by the Central Guarantee Fund in favour of SMEs', thus accessing, prosecutor Marcello Viola explained, 'state aid to support the economy in the Covid emergency' or 'following Russia's aggression against Ukraine'. Ponzoni's own statements, the judges wrote, 'provide an emblematic representation of the institution's omissive conduct'. In one case, the sums disbursed by the bank were made to 'flow' into various companies in the name of 'front men'. Asked by the prosecutor 'are these all false invoices?', Ponzoni replied: 'All false'. The documents show that the merchant bank, 'circumventing the principles of anti-money laundering legislation', would have been 'an instrument' through which men close to the clans - in addition to Ponzoni, who would have acted on behalf of a 'local' in the Varese area, the 'associate' Enrico Barone linked to the Tripodi gang in Vibo Valentia - had 'free access to credit'. The bank allegedly 'totally abdicated the basic procedures relating to the preliminary investigation', without 'adequate verification of customers'. And 'persevering' despite 'inspections and findings by the Bank of Italy' between 2021 and 2022. He followed, the decree reads, the logic of 'maximising business', as 'demonstrated by the disbursement of loans even at a time subsequent to the inspection activity', including the 'largest' €3.5 million loan on 10 February 2023. It was Ponzoni, according to the judges, who related 'directly' with the bank officials. He formally 'had nothing' to do with the financed companies, but the officials were 'very clear that the real referent-recipient' of the loans was him. And they did not 'activate any control'. A 'simple consultation' from 'open sources' would have sufficed, because the media had spoken of his arrest in March 2023. "The nine subjects referred to by the prosecution are not our clients," explained the CEO of Banca Progetto, Paolo Fiorentino. "Certainly the Gdf has tools to trace connections that we do not have. We did not intercept these names because they were not present in the companies'. He added: 'Our intention is to cooperate within the limits of our possibility, if we were unwitting instruments. We feel extraneous to the affair'.