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AgriCorpoFiasco, Federconsorzi 2, Agriconfidi. The collapse of the ‘Gesmundo pyramid’

December 17, 2022

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The pharaonic plots of Coldiretti’s magic circle result in the collapse of the ‘Gesmundo pyramid’ – between chain liquidations and foreclosures – in AgriCorpoFiasco, Federconsorzi 2 and Agriconfidi. #CleanSpades.

Table of Contents

1) From AgriCorporateFinance(aka AgriCorpoFiasco) to K.Z. (aka Kamikaze). Foreword

AgriCorporateFinance was announced on 13.2.20 in ‘The Coldiretti Point’ as ‘the Network of Enterprises promoted by Coldiretti that aims to provide concrete support for the development of Made in Italy. The latest development in credit, financial and insurance brokerage, for an offering that is both structured and comprehensive, while also specializing in the agricultural, agribusiness and agroindustrial sectors’.

22 months after its establishment (by deed 18.5.20) AgriCorporateFinance–already renamed AgriCorpoFiasco by the writer, due to the economic performance that devoured several million euros of Italian farmers (1)–was put into liquidation, on 13.3.22. Renamed K.Z. S.r.l., aka Kamikaze, and subjected on 1.12.22 to foreclosure of its shares in CAI Real Estate S.r.l., the real estate arm of Federconsorzi 2.

2) Gesmundo’s pyramid.

The above economic and asset disruption can only be understood by shedding light on the ‘Gesmundo pyramid’. Namely, the ambitious (and disastrous) financial project of the so-called ‘ras of Coldiretti’. A project that was multi-leveled, like an Egyptian pyramid:

– at the base of the ‘Gesmundo pyramid’ is CAI Real Estate S.r.l., the real estate arm of Federconsorzi 2 (2,3),

– the central body of the pyramid, admittedly already collapsed, is AgriCorporateFinance (now K.Z.- Kamikaze Srl in liquidation),

– At the apex of the pyramid was CreditAgrItalia, formerly Agri Centro Nord and Agri Centro Sud. Vincenzo Gesmundo’s disaster, with € 20 million or so in losses. (1)

3) The base of the pyramid

The base of the pyramid, CAI RE (Consorzi Agrari d’Italia Real Estate) S.r.l., it will be recalled, was established by contribution of the real estate treasures of the first four Consorzi Agrari included in the Federconsorzi 2 project. Who, as it turns out, have already suffered:

– an economic injury of about € 21 million, (2)

– the risk of a CAI RE Srl operation ‘in odor of’ tax evasion or fraud, amounting to about € 12 million. (3)

CAI RE Srl, as learned from Chamber of Commerce visura executed on 14.12.22, now sees:

a) the capital share of about € 4 million, belonging to IPI (Carlo De Benedetti’s holding company), now in pledge of the creditor Intesa San Paolo,

(b) the capital share of € 8 million, belonging to K.Z. (Kamikaze), itself unavailable due to the foreclosure of a debt collection company (Aeque S.r.l.). (4)

4) The central body of the pyramid

The central body of the ‘Gesmundo pyramid’ played an essential strategic role in Palazzo Rospigliosi, thanks to two formidable sleights of hand:

– AgriCorporateFinance S.r.l., by public deed 26.5.20 (rep. 11578, racc. 7594) purchased the shares of Agri Centro-Nord and Agri Centro-Sud (formerly CreditAgriItalia) for their par value. € 2 million in junk bonds (see supra, para. 4),

– the cash shares, subscribed by AgriCorporateFinance S.r.l. in CAI Real Estate S.r.l. with a nominal value of € 4.5 million, were ‘magically’ converted into € 8 million of capital shares in CAI Real Estate S.r.l. By a meeting resolution 13.7.20 (rep. no. 11,861, racc. 7828) that subtracted € 21 million in value from the four Consorzi Agrari Tirreno, Emilia, Adriatico, Centro Sud, as noted. (3)

5) The top of the pyramid

At the top of the ‘Gesmundo pyramid’ are the ashes of CreditAgriItalia S.C.p.A., aka Agriconfidi, once chaired by Vincenzo Gesmundo himself. The disaster of the confidi, which had lost its share capital in the 2018 budget after five years of losses of €20 million. Bank of Italy, in the report 18.6.18 (prot. 19556) of an initial inspection, had called for ‘immediate action on capital.’ And since no agricultural entrepreneur member of CreditAgriItalia would ever agree to cover the asset deficit, Coldiretti tried to mask the collapse by having the 47 service companies named ‘Impresa Verde Coldiretti S.r.l.’ pay a capital increase of €2 million.

But haste played a nasty trick on Palazzo Rospigliosi, as Impresa Verde Coldiretti S.r.l. did not have the subjective requirements (not being agricultural SMEs) to become members of CreditAgriItalia (later to become Agri Centro Nord/Sud). Bank of Italy therefore, in the second inspection report 22.2.19 (prot. 243409), stigmatized:

– On a formal level, the participation of ‘Impresa Verde Coldiretti S.r.l.’ in covering the loss, but more importantly

– on a substantive level, the insufficiency of a capital increase for € 2 million (just paid by Impresa Verde Coldiretti S.r.l.) that had already been ‘absorbed by the new losses‘ recorded by CreditAgriItalia (later to become Agri Centro Nord/Sud) in the 2019 budget. (5)

6) The collapse of the Gesmundo pyramid.

The collapse of the pyramid, in a civilized country, would have been announced on 5/26/20 at the latest. When Coldiretti’s top management, in order to evade (at least) the formal exception of the Bank of Italy, decided on the (textual) ‘liberation‘ of Impresa Verde Coldiretti S.r.l. from all the shares held in Agri Centro Nord/Sud (formerly CreditAgriItalia). By selling to AgriCorporateFinance for € 2 million shares whose value, according to the Bank of Italy itself, was already zero.

No wonder then that AgriCorporateFinance a.k.a. AgriCorpoFiasco – engulfed in the toxic bonds – was renamed K.Z. a. k. a. Kamikaze. And placed into liquidation immediately, on 6.4.22, in spite of the bombastic premises (see para. 1). (6) Nor is it surprising that the appointed liquidator, Fabio Marella, is a Coldiretti employee with numerous positions (7) including, I combine, those of acting auditor of Agri Centro Nord-Sud/CreditAgriItalia.

7) Waiting for the collapse

In this poor Italy, no one dares to decree the collapse of the Gesmundo pyramid or investigate Pharaoh and his priests. Among them are:

– Roberto Moncalvo, former president of Coldiretti Piemonte before and of Coldiretti Nazionale after, who assumed the presidency of CreditAgriItalia after the defenestration of Vincenzo Gesmundo on 19.5.19,

– Agri North Central and Agri South Central vice president Federico Vecchioni. Also director (from 7/19/21) and v.chairman (from 9/22/21 to 3/16/22) of AgriCorporateFinance S.r.l. through ELFE S.r.l,

– The chairman of the board of directors of AgriCorporateFinance S.r.l. Gianluca Lelli (from 18.5.20 to 16.3.22). And various other mayors whose names recur in the galaxy of Palazzo Rospigliosi.

8) Interim Conclusions.

The union that is supposed to protect and promote the interests of Italian farmers and ranchers, in the pharaonic delirium of its magic circle, has devoured farmers’ treasures. Nearly thirty million euros gone up in smoke on this project alone.

The officers of the National Coldiretti Confederation, according to its bylaws, were to expire in April 2022. But in yet another twist of fate, they were extended until April 2023. Perhaps also because of what emerged in the ‘Vanghe Pulite’ investigation.

In any case, election time is approaching . An opportunity, it is to be hoped, to change the atmosphere at Palazzo Rospigliosi. And return the union to its true function.

Dario Dongo

Attachment Senate of the Republic. Question for written answer signed by Senator De Bonis (12/22/21, sitting No. 390, Act No. 4-06396, pages 90-93)

Notes

(1) Dario Dongo. AgriCorporateFinance, yet another Coldiretti fiasco at the expense of farmers. #CleanSpades. GIFT (Great Italian Food Trade). 15.4.22

(2) Dario Dongo. Federconsorzi 2 and CAI Real Estate, the real estate treasures of Consorzi Agrari. GIFT (Great Italian Food Trade). 27.3.21

(3) Dario Dongo. Federconsorzi 2, CAI Real Estate Srl. Million-dollar tax evasion or fraud? #CleanSpades. GIFT (Great Italian Food Trade). 7.7.21

(4) In fact, the Civil Code provides that ‘in the case of a pledge or usufruct on shares, the right to vote shall vest, unless otherwise agreed, in the pledgee or usufructuary‘ (combined articles 2347 and 2352)

(5) Dario Dongo. Vincenzo Gesmundo under investigation for attempted extortion. Coldiretti’s Confidi disaster. #CleanSpades. GIFT (Great Italian Food Trade). 22.12.21

(6) Deed drawn up by Notary deed Massimiliano Passarelli Pula of Rome, 6.4.22, rep. 11481 racc. 7801