Carige, Banco Bpm, Sorgente. What the Vatican papers say
Why Carige, Banco Bpm and Sorgente di Mainetti are mentioned – according to Corriere della Sera – in the papers of the ongoing Vatican investigation on investments made in the past
According to the checks carried out by the promoters Gian Piero Milano and Alessandro Diddi between 2014 and 2017, Perlasca authorized the Athena Capital Global fund attributable to Raffaele Mincione to make a series of investments that proved disastrous for Vatican finances: deposits in current Deutsche Bank for 38 million dollars; acquisition of shares of the company Stroso Jersey for approximately 13 million dollars, subscription of bonds, issued by Time and Life SA (which was owned by Mincione) for 16 million dollars; loans to Cessina Limited (which owns another Mincione real estate initiative) for $ 20 million; acquisition of 30 percent of Alex srl; acquisition of 26 units of the Tiziano San Nicola della Sorgente sgr real estate fund; acquisition of Banca Carige shares; acquisition of shares in the Banca Popolare di Milano; subscription of 3.9 million euros of bonds of the Italian company Sierra One, which had acquired the receivables claimed by Fatebenefratelli with the Lazio Region and which had undertaken to recognize the receivables from a company headed by Gianluigi Torzi, the other financier under investigation in the investigation.
This is what Corriere della Sera writes today, giving an account of the developments of the internal Vatican investigation on business and investments, in the wake of the Becciu case .
EXTRACT FROM A NOVEMBER 2019 START MAGAZINE ARTICLE:
BEYOND LONDON
It is Milano Finanza that takes a detailed photograph of the investments that go far beyond the building at 60 Sloane Avenue in central London, which ended up under the lens of the Vatican magistrates. As revealed by Mincione himself in an interview with Corriere della Sera , the only investor in the fund is the Vatican. Apart from the financier who only participated in the Chelsea building, 55%.
THE PORTFOLIO OF SAN PIETRO IN PIAZZA AFFARI
In Athena the Vatican initially puts 147 million. Liquidated in March 2018, the 8 invested in Bpm, at 30 September at Palazzo Mezzanotte about 25 remain in the game. Main stake on 30 percent of Axel, Tas shares, for a book value of 16.7 million (15.5 at 30 September 2018). There are therefore 5 million invested in Fiber 4.0 (value of 2.9 million at 30 September). As is known, Fiber di Mincione in May 2018 asked the lawyer Giuseppe Conte for a pro veritate opinion on the Retelit affair and on the possibility that the government could exercise golden power. After a few days Conte receives the post of premier and the CDM in early June actually exercised the golden power. Conte does not attend the meeting (he is traveling to Canada) and denies any conflict of interest.
In the Athena fund there is a third investment, that in Carige. The Vatican has committed 3 million (value at 30 September dropped to 2.2). These are the months of Mincione's attempt to climb the Genoese institute.
MILLION BOND
On the financial front, it also appears that the Vatican money was committed to invest in Sierra Bond (for 5 million, which rose in value to 5.1 at September 30) and in T&L Bond for 11.7 (12 million in value at September 30). September). Time and Life is one of the companies founded by Mincione in Luxembourg for bank shopping.
A SECOND PROPERTY IN LONDON
The bulk of the Vatican portfolio managed by the fund concerns the brick. In addition to the well-known warehouse built by Harrods in Sloane Avenue (79.5 million euros, a value of which rose to 81 at 30 September), of which the Vatican was 45% owner – then entirely taken over by the Secretariat of State in November 2018 – a another London property. It is on Kensal Road, North Kensington. Property acquired by the Athena fund through a Jersey vehicle called Stroso Ltd, later renamed Kr-2 Ltd. Book value: 11.8. As of September 30th, increase to 12.7. But, as reported by La Stampa , at the end of 2018 it had dropped to 8 million.
SPRING SPRING WITH TIZIANO
But it is in the 9.1 million invested by Athena in the Tiziano Fund in the San Nicola sector that the Vatican money meets the Roman Sorgente di Valter Mainetti . According to the data viewed by Milano Finanza , as at 30 September there was a decrease in value to 8.2 million. The Tiziano Fund has purchased two prestigious hotels, in Bari and Rome.
WHO IS MAINETTI
Investment in luxury properties
Iconic Roman entrepreneur, as they are “iconic” – as he defines them, and in fact they are – are the properties in which the Sorgente group invests: in Italy, Europe and the United States. Referable to the portfolio of the various Sorgente funds, among others, the Alberto Sordi Gallery in Rome, a stone's throw from Palazzo Chigi; the main building at 2 in Piazza Cordusio in Milan – sold in 2016 -; hotels and castles; skyscrapers that draw the New York skyline like the Flatiron in Manhattan. Between the Italian fund and the two foreign ones, real estate assets amounting to 5.8 billion euros.
Biomethane is also among the interests
However, the Sorgente Group does not invest only with its 32 real estate funds, mostly destined for the purchase of prestigious properties. And much more. It operates through two asset management companies (Sorgente Sgr and Quorum Sgr); a company for energy and infrastructure (Sorgente Sein) – launched in recent days in the biomethane adventure -; a listed real estate investment company (Nova Re); a Real Estate Management company (Sorgente Rem); a company for Global Service, Property and Facility management services (Polimnia Res); a company dedicated to communication and publishing (Musa Comunicazione Srl).
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/carige-banco-bpm-sorgente-cosa-dicono-le-carte-vaticane/ on Fri, 02 Oct 2020 07:59:50 +0000.