"A gimmick 'perfect' with respect to which we helplessly confesses. It requires the filing. " Strong words, those of the chief prosecutor Italo Materia: investigating the 'treasure Luxembourg, "he requested an extension, must surrender at the end, everything legally correct, there was insider trading. The deal was made of the vertices of Coopservice well. Very good.
gimmick 'perfect', is the irony of the prosecutor. Thus ends - unless otherwise specified the investigating judge who would oppose - the investigation into the road in question at this point only the moral, that taken by management to lead the IPO Services Italy, the subsidiary company to one hundred percent co-insurance giant from cleaning and security through financial Aurum, then pointing to collect the resulting capital gains, the so-called "treasure" of 36 million €.
"The significance of this transaction total - writes today Matter pm - emerges from the realization of the enormous difference between the price per share of spa services paid by Fsh Italy September 4, 2006 and grossed more than seven times by the same FSH, the day of the IPO: no one wanted to say that capital gains that have derived, for effect of a significant improvement in the trend of business services that Italy was certainly known to the administrative heads of Aurum spa owner and the parent Coopservice, were distributed among all shareholders. " And he concludes: "It was for this that was built a financial plan that would have allowed the shelter of criminal sanction, to distribute the rich gain at a small number of people who disguised the purchase order clearly not to make a clear abuse of privileged information at their disposal, through a trust (Felsinea) custodian of the shares purchased by them. " Here, the 'gimmick' perfect '. "
CASE exploded, then the first political justice in the spring of 2007. The prosecutor suggested the crime of "insider", or more commonly "insider trading", a crime punishable by imprisonment of one to six years and a fine of 20 thousand to three million euro. They were sent notices of the former president of Coopservice, Pierluigi Rinaldini, and the former president of Aurum, Niger Ficarelli. The survey was carried Subject to the prosecutor Guardia di Finanza, which had identified among the three hundred beneficiaries of capital gain, 46 people, administrators and counselors Coopservice and in three cases of subsidiaries. The prosecution suggested that the defendants, being in possession of inside information because of their quality of those responsible for the direction and control and equity of the issuer of the shares Italy spa services, had acquired for their own financial instruments, consisting of actions Services pertaining to Italy in a period prior to an IPO, using that information.
REQUEST storage reconstructs the story from purchase by Coopservice Services the entire share capital of Italy until the capital increase approved by FSH (€ 600,000) to cover the purchase option, reserving the subscription by the members of Coopservice ('and not other 'states the prosecutor). "What you read in watermark - written material, and this is the first point that the defender of Rinaldini lawyer Roberto Sutich, strongly disputes - in the prospectus recappitato Coopservice to each of the members, it was a subliminal message, rather than encourage the subscription of the capital, had been written for art, skilled hand, to deter such an operation ... And in fact - said Matter - an increase of the share capital of the Fsh was not read and understood by the vast majority of members Coopservice as a rich opportunity to gain (as is) by being signed by a rather narrow cerchai of members (and some foreign) some of whom subscribe to the capital increase for a greater number of shares offered to individual lot (500 shares FSH).
INCREASE capital Fsh allowed to have the cash to exercise the right of option, which took place September 4, 2006 by deed before a notary of Lugano. "Just three days away - writes pm Matter in demand for storage - on September 7, 2006, the Italy Services filed an application for admission to trading of its shares that verrranno then, with the approval of the March 14, 2007, quoted and placed on the market at a price of € 8.50 (had been paid to the unit cost of € 1149). There was a crime? Insider trading is not satisfied, you answer the prosecutor, "despite repeated reflections on the point according to the prosecution." 'Requirements unbeatable in the indictment is, in fact, that the use of privileged information has occurred after a request has been submitted for admission to trading on a regulated market. "
MIKE Scullin
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