AgriCorporateFinance Srl - the 'financial aircraft carrier' of Coldiretti and Federconsorzi 2 (1) - is yet another fiasco of Coldiretti's magic circle, as always at the expense of Italian farmers and breeders. #Clean shovels.
1) AGRICORPORATEFINANCE, THE LAUNCH
'The Coldiretti Point' AgriCorporateFinance announced on 13.2.20 with bombastic tones as'the Business Network promoted by Coldiretti which aims to provide concrete support for the development of Made in Italy. The latest evolution in the field of credit, financial and insurance mediation, for an offer that is both structured and complete, but also specialized in the agricultural, agri-food and agro-industrial sector, which ranges from cereal to dairy, from the olive sector to the wine sector, from fishing to livestock improvement. ' (2) Rich prizes e cotillion, with words.
1.1) Credit, financial and insurance mediation
'AgriCorporateFinance was born with the intention of proposing a range of products and services aimed at financial and insurance needs, corporate investment needs, but also personal ones, capturing the facets of the diversified requests and needs of the customer, from the protection of their assets to that of family members and employees. Among the highly qualified services offered to our customers we mention:
- assistance in obtaining financing, mortgage loans, the advance of the application for community aid, the advance of PSR contributions, instrumental, energy and real estate leasing, (...)
- sureties, through consolidated relationships with the most representative public guarantee bodies, such as Ismea, Mediocredito Centrale, Cassa Depositi e Prestiti, (...)'. (2)
1.2) Specific services iscompetitive'
The high-sounding promises of Coldiretti's magic circle included the offer of:
- 'specific services for individuals' how 'assistance aimed at obtaining mortgages for the purchase of a house and that for obtaining consumer loans (cars, electronics, other durable goods), (...)
- insurance consultancy, aimed at the company and the person, with exclusive products for coverage on the risk deriving from adverse weather conditions, on livestock, multi-risk policies, accident and life policies, without neglecting motor liability, (...)
- business consulting for debt restructuring and business analysis. Reduced costs, the most competitive on the market, short times and certainty in the answers represent, finally, the company figure'. (2)
1.3) The 'corporate figure'
The real 'corporate figure' of AgriCorporateFinance - such as those of Germina Campus SpA, Agritel Srl, Consorzio Sistema Servizi Coldiretti SCpA, Filiera Agricola Italiana (FAI) SpA, Campagna Amica, Green Assicurazioni Srl, in the galaxy of Palazzo Rospigliosi (3,4,5) - was and is more likely, the conflict of interest.
The sprawling 'union' which should represent Italian farmers and breeders is instead the tool to speculate on them, for the benefit of a business committee that goes by the name of the 'Coldiretti magic circle'. Otherwise defined by its own members, in a more staid way, the 'Coldiretti control room'.
1.4) The constitution
The deed of incorporation of AgriCorporateFinance dates back to 18.5.20 (the same date, combination, in which CAI Real Estate Srl was established. See notes 6,7). The majority shareholder is Consorzi Agrari d'Italia (CAI) SpA, with 76,2% of the shares (€ 6,1 out of 8,3 million). The minority shareholders of AgriCorporateFinance were the 47 Impresa Verde Srl Coldiretti from every part of Italy. The headquarters of AgriCorporateFinance, ça va sans dir, is in Palazzo Rospigliosi.
President of the Board of Directors was Gianluca Lelli, once the Economic Secretary of Coldiretti (i.e. 'dolphin' of the head of the bosses Vincenzo Gesmundo), before being replaced by Alessandro Apolito, former MiPAAF, recruited according to the classic scheme of 'revolving doors' which by always instructs appointments in the trade association (8,9,10).
2) AGRICORPORATEFINANCE, FEDERCONSORZI 2 AND COLDIRETTI
Agricultural Consortia of Italy (CAI) SpA is therefore the reference shareholder of AgriCorporateFinance Srl, which in turn is the reference shareholder of CAI Real Estate Srl (the real estate company of the Agricultural Consortiums, also owned by holding by Carlo De Benedetti and his acolytes. See notes 6,7).
And this is it the heart of the 'Federconsorzi 2' project, where lucrative reports are prepared in favor of all the participants. This includes the family businesses of Coldiretti's ras Vincenzo Gesmundo and its president Ettore Prandini, as we have seen. (10) In a great game of Chinese boxes.
2.1) The Chinese boxes
CAI SpA needed a 'Chinese box' - such as the real estate company CAI Real Estate Srl - where to be able to segregate the huge debts of the Agricultural Consortiums that Federconsorzi 2 aims to acquire. The direct participation of CAI SpA in CAI Real Estate Srl, on the other hand, would have entailed the consolidation of these debts (placed in CAI Real Estate Srl) in the hands of CAI SpA This is why AgriCorporateFinance was 'interposed' between CAI SpA and CAI RE Srl
The 47 Impresa Verde Srl of Coldiretti instead entered AgriCorporateFinance by conferring their shareholdings in Agri Centro Nord and Agri Centro Sud SCpA. was split in November 2018 into two 'minor' Confidi, Agri Centro Nord and Agri Centro Sud SCpA (47)
2.2) The bonfire of finance to the detriment of the Agricultural Consortiums
Quotes in cash subscribed by AgriCorporateFinance in CAI Real Estate Srl for a nominal value of € 4,5 million were then converted into € 8 million of the capital shares of CAI Real Estate Srl, with a 'miraculous' operation that burned € 21 million of contributions from the four Agricultural Consortia Tirreno, Emilia, Adriatico, Centro Sud. (11) In addition to suspected tax evasion and / or fraud for approximately € 12 million. (7)
The shareholders' meeting of CAI Real Estate Srl has in fact agreed to assign all rights (patrimonial and administrative) in different proportions with respect to the individual contributions. And AgriCorporateFinance Srl obtained an almost double share compared to what was subscribed in cash, with an equal loss for the Agricultural Consortia - Tirreno, Emilia, Adriatico, Centro Sud and SCCA pa (Consortium of Agricultural Consortiums for shares) - which in a clause in the minutes of the meeting have lost 20% of their shareholdings.
3) AGRICORPOFIASCO, LIQUIDATION
The magic circle by Coldiretti - in less than two years from the launch of AgriCorporateFinance as'latest evolution in the field of credit, financial and insurance mediation'(2) - then decided to liquidate and monetize the values extracted from the assets of the four Agricultural Consortiums. With two sleight of hand, to follow.
3.1) Release of the 47 Impresa Verde Srl of Coldiretti
At the beginning of 2022 the 47 Impresa Verde Srl of Coldiretti exited the capital of AgriCorporateFinance Srl, having CAI SpA liquidate the insane investment of € 2 million made in 2018 in CreditAgriItalia - AgriCentro Nord e Sud (another disaster by Vincenzo Gesmundo, with € 20 million in losses , in relation to which the Hon. Prof. Giulio Tremonti and the chartered accountant Enrico Leccisi were called to shelter). (13)
3.2) AgriCorpoFiasco, aka KZSrl in liquidation
The second game of prestige, even more aggressive, was carried out in these days. The dissolution and liquidation of AgriCorporateFinance Srl, meanwhile renamed 'KZSrl in liquidation'. KZ like Kamikaze? And why change the company name, perhaps to lose track of the scandalous operation to the detriment of the Agricultural Consortiums and CreditAgriItalia - AgriCentro Nord e Sud? The parable of AgriCorporateFinance-KZ was certainly very rapid, established in June 2020, and dissolved in April 2022.
The liquidation of AgriCorporateFinance - KZ, allows CAI Spa to repay the investment that allowed it to participate in the real estate treasury (artfully devalued) of the Tirreno, Emilia, Adriatico, Centro Sud Agricultural Consortia. Together with the other financial partners of the Carlo De congregation Benedetti, in CAI Real Estate Srl Italian farmers and breeders could have the legitimate expectation of fair and transparent management, at least, of the liquidation of AgriCorporateFinance Srl. But even this is out of the question.
3.3) The liquidator of trust (of Coldiretti's magic circle)
The liquidator chosen for the 'terminal phase' of AgriCorporateFinance, obviously, he is not a third party and independent professional. The magic circle of Coldiretti has in fact chosen its own acolyte, mentioned several times in the 'Vanghe Pulite' investigation. Fabio Marella - right arm of Raffaele Grandolini, King Midas of Coldiretti (14) - follows in his footsteps:
- mayor of Filiera Agricola Italiana SpA, the big bandwagon where Raffaele Grandolini is the CEO and Ettore Prandini as president, (15)
- mayor of the disastrous Consorzio Produttori di Campagna Amica, (16) where Raffaele Grandolini is president,
- statutory auditor of Bluarancio SpA, where Grandolini is CEO. Coldiretti's IT company serving the aforementioned Consortium, (16)
- mayor of the Consorzio Sistema Servizi di Coldiretti, (16) where Grandolini is CEO,
- mayor of Simec SpA, another holding company in the Coldiretti galaxy, with Raffele Grandolini as president,
- mayor of the mutual fund for the promotion and development of cooperation, alongside Raffaele Grandolini, president of the Board of Statutory Auditors,
- mayor of Agri Centro Nord and Agri Centro Sud, formerly CreditAgri Scpa, the Confidi disaster censored by the Bank of Italy, following Antonio Cepparulo president of the board of statutory auditors (12,13),
- icing on the cake, shareholder of AgriRevi SpA now in liquidation, the emblem of conflicts of interest. (17)
4) Provisional conclusions
AgriCorpoFiasco o Kamikaze, KZ in liquidation, has a dowry of € 8 million worth of which € 3,5 million once belonged to the Agricultural Consortium. And a debt of € 1 million towards IBF Servizi SpA - the IT company of Bonifiche Ferraresi (minority shareholder with extraordinary powers of CAI SpA, alias Federconsorzi 2) - for services that mere mortals find it hard to imagine, in the will-o'-the-wisps of AgriCorporateFinance.
The doubt remains on how a single 'system' liquidator can reconcile the interests of Coldiretti's magic circle with those of the agricultural and ranching members of the Agricultural Consortiums. Competent authorities should investigate plausible conflicts of interest. Maybe even on the financial statements, the real estate appraisals devalued in the blink of an eye, the correspondence of the invoices with other companies in the Federconsorzi 2 galaxy. #VanghePulite!
'Those who are silent and bow their heads die every time they do so'(Giovanni Falcone)
(1) Dario Dongo. Federconsorzi 2 aka CAI SpA, a bit of clarity. GIFT (Great Italian Food Trade). 15.3.21, https://www.greatitalianfoodtrade.it/idee/federconsorzi-2-alias-cai-spa-un-po-di-chiarezza
(2) Credit, AgriCorporateFinance for businesses is born. The Coldiretti Point. 13.2.20, https://www.ilpuntocoldiretti.it/attualita/credito/credito-nasce-agricorporatefinance-per-le-imprese/
(3) Dario Dongo. Germina Campus, the Coldiretti holding company that speculates on farmers. #Clean shovels. GIFT (Great Italian Food Trade). 13.6.21, https://www.greatitalianfoodtrade.it/idee/germina-campus-la-holding-di-coldiretti-che-specula-sugli-agricoltori-vanghepulite
(4) Dario Dongo. Illicit to the detriment of farmers and tax evasions, Campagna Amica continues. GIFT (Great Italian Food Trade). 10.9.21, https://www.greatitalianfoodtrade.it/mercati/illeciti-a-danno-degli-agricoltori-ed-evasioni-fiscali-campagna-amica-prosegue
(5) Dario Dongo. Subsidized insurance in agriculture, the great deals of Coldiretti's magic circle. #Clean shovels. GIFT (Great Italian Food Trade). 1.3.21, https://www.greatitalianfoodtrade.it/mercati/assicurazioni-agevolate-in-agricoltura-i-grandi-affari-del-cerchio-magico-di-coldiretti-vanghepulite
(6) Dario Dongo. Federconsorzi 2 and CAI Real Estate, the real estate treasures of the Agricultural Consortiums. GIFT (Great Italian Food Trade).
(7) Dario Dongo. Federconsorzi 2, CAI Real Estate Srl. Evasion or millionaire tax fraud? #Clean shovels. GIFT (Great Italian Food Trade). 7.7.21, https://www.greatitalianfoodtrade.it/idee/federconsorzi-2-cai-real-estate-srl-evasione-o-frode-fiscale-milionaria-vanghepulite
(8) Dario Dongo. Public administration, loyalty to the state or to Coldiretti? #Clean shovels. GIFT (Great Italian Food Trade). 27.6.21, https://www.greatitalianfoodtrade.it/idee/pubblica-amministrazione-fedeltà-allo-stato-o-a-coldiretti-vanghepulite
(9) The ex-dolphin Gianluca Lelli was however reserved a 'golden exile' in his Emilia Romagna, by appointment (through his company BT Srls, for tax convenience) as Chief Executive Officer of CAI SpA With € 250.000 / year of fixed remuneration, in addition to extraordinary remuneration equal to 1,5% of the value of capital transactions (as well as 1,5% of the value of each new Agricultural Consortium belonging to the CAI network. See articles cited in notes 1 and 10)
(10) Dario Dongo. CAI SpA, Federconsorzi 2. Federico Vecchioni's Big Binge and Coldiretti's magic circle. GIFT (Great Italian Food Trade). 16.2.21,
(11) Dario Dongo. Federconsorzi 2, 21 million euros burned to agricultural consortia in the bonfire of finance. #Clean shovels. GIFT (Great Italian Food Trade). 30.3.21, https://www.greatitalianfoodtrade.it/mercati/federconsorzi-2-21-milioni-di-euro-bruciati-ai-consorzi-agrari-nel-falò-della-finanza-vanghepulite
(12) Dario Dongo. Vincenzo Gesmundo under investigation for attempted extortion. Coldiretti's Confidi disaster. #Clean shovels. GIFT (Great Italian Food Trade). 22.12.21, https://www.greatitalianfoodtrade.it/idee/vincenzo-gesmundo-sotto-indagine-per-tentata-estorsione-il-disastro-confidi-di-coldiretti-vanghepulite
(13) The story - set out in the article referred to in note 12 above, as well as the subject of extortion investigations against Vincenzo Gesmundo - was recalled in a specific parliamentary question 22.12.21 signed by Senator Saverio De Bonis. V. https://www.senato.it/japp/bgt/showdoc/showText?tipodoc=Sindisp&leg=18&id=1330230
(14) Dario Dongo. Federconsorzi 2, CAI SpA, AgriRevi, Coldiretti. The dinner of the cretins. GIFT (Great Italian Food Trade). 31.1.21, https://www.greatitalianfoodtrade.it/idee/federconsorzi-2-cai-spa-agrirevi-coldiretti-la-cena-dei-cretini
(15) Dario Dongo. Agricultural Consortia of Italy, Bonifiche Ferraresi and Filiera Agricola Italiana SpA, the vase is full. GIFT (Great Italian Food Trade). 23.1.21, https://www.greatitalianfoodtrade.it/idee/consorzi-agrari-d-italia-bonifiche-ferraresi-e-filiera-agricola-italiana-spa-il-vaso-è-colmo
(16) Dario Dongo. Campaign Friend… of whom? #Clean shovels. GIFT (Great Italian Food Trade). 19.6.21, https://www.greatitalianfoodtrade.it/mercati/campagna-amica-di-chi-vanghepulite
(17) Dario Dongo. Federconsorzi 2, AgriRevi, AIPO (Unaprol). Gold business for Coldiretti's magic circle. GIFT (Great Italian Food Trade). 3.6.21, https://www.greatitalianfoodtrade.it/idee/federconsorzi-2-agrirevi-aipo-unaprol-affari-d-oro-per-il-cerchio-magico-di-coldiretti