Banca Italease’s shareholders have officially approved the
financial statements for 2008, which included a loss of €1.11
billion for the financial year.
During a six-hour-long meeting, chaired by Lino Benassi,
shareholders acknowledged that the company’s losses mainly stemmed
from “net valuation adjustments to receivables in the amount of 847
million, consequent to the exceptional and sudden worsening of the
macroeconomic framework”.
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This, according to the company, caused deterioration in the
group’s credit portfolio, which included exposure on transactions
prior to June 2007.
Several shareholders criticised many decisions made by the
management board, including accepting the price of €1.50 a share
offered by Banco Popolare to buy out the troubled lessor.
Chairman Lino Benassi and MD Massimo Mazzega, who have been
running the company since September 2007 – after the Italease
scandal was unveiled – insisted that none of the losses were
dependent on their management, and that all responsibilities lay
with the former management board, led by Massimo
Faenza.
Antonio Fabrizio
