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More money for members and owners, less security for Autostrade users who were on a bridge or crossing a tunnel. “We reduced maintenance, the more time passed the less we did … so we distributed more profits … and Gilberto and the whole family were happy“Talk, intercepted, is Gianni mion, CEO of Edizione Holding, which controls Atlantia, which in turn controls Autostrade per l’Italia, and the family you are talking about, of course, is that of Benettons and Gilberto is the entrepreneur who passed away on October 22, 2018.
It is February 2, 2020 and the senior manager discusses with Giorgio Brunetti, Professor Emeritus of Bocconi. For weeks there has been talk of the revocation of the concession with the government ready to move forward and the two are discussing the reduction in maintenance that has allowed them to distribute more profits. A dialogue between the two that, in its simplicity, draws what the Genoa examining magistrate, Paola Faggioni, defines “a bleak outlook” and that led to six precautionary measures, including the house arrest of the former general director of Aspi, Giovanni Castellucci. Because of that conversation as of the others “one corporate policy aimed at maximizing profits derived from the concession with the State through the reduction and delay of necessary expenses for the maintenance of the highway network granted in concession and to the detriment of public safety. In fact, a bleak panorama emerged from the investigations in which -said the examining magistrate- emerged the insecurity of the motorway network both with reference to viaducts and with reference to tunnels; and as regards containment barriers, the latter being the object of this procedure. “Barriers that were kept together” with Vinavil “as we heard in an interception on the disc: a joke that gives an idea of the quality of maintenance.
The entrepreneurial policy described by the judge saw Autostrade, between 2009 and 2018, the protagonist of a halving of investments and a proportional increase in dividends. Therefore, shareholders pocketed 6 billion and 4 billion went to maintenance. What was or was “Aspi’s high profitability” depended for the investigating judge on the “consequent distribution of large dividends among shareholders, which resulted in starting from that unscrupulous line of business based on systematics reduced maintenance of motorway network“.
As Mion well knows that to the professor, with whom he wrote the book Manager today in 2007, he says: “While the management that had taken over his head …” with the other who adds: “It was already 2007, Do you remember that I’m speaking? And Mion remembers, because even if 12 years have passed in the middle, she responds: “Do you remember then Castellucci then said ‘let’s do it’ and Gilberto excited because he beat him and his brother more …“The two discuss how difficult it is to run the company and their responsibilities. Brunetti says:” When they acquired those things, they were things that they couldn’t even govern as a concept, not manage but govern, didn’t they have the proper governance physique? And Mion agrees: “Of course … sure.” For the professor it is “clear that we had to get there … you always said … a minority speech and liquidity of the stock. I know, it is clear that I am speaking here, very clear and it has never been recognized… ”. And then the top manager adds: “No, but why, I didn’t find Gilberto … no no, look at the responsibility …”. Brunetti seeks an explanation: “They had fallen in love with these things without knowing it … The risks in these things … that was the problem … “. Mion agrees and admits:” Yes, but then the big problem is that the maintenance that we have done in decline, the more time passed, the less we did… so we distributed more profits… and Gilberto and the whole family were happy… ”.
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