The real estate-financial branch of the ‘Federconsorzi 2’ operation – CAI Real Estate Srl, on which we have already noted several anomalies, to the detriment of the 4 Agricultural Consortia that participated in it (1,2) – offers new food for thought regarding possible million-dollar tax evasion or fraud. #CleanSpades.
Federconsorzi 2, the CAI Real Estate Srl operation.
The Consorzi Agrari di Tirreno, Emilia, Adriatico, and Centro Sud, as noted above, contributed their operational business branches to the company Consorzi Agrari d’Italia, CAI S.r.l, which was contextually transformed into CAI S.p.A. on July 30.7.20.(3,4).
The four Agricultural Consortia, at the same time, contributed their real estate assets and part of their bank debts to another company, CAI Real Estate (or CAI RE) S.r.l. In which three financial partners also participate, who – in one fell swoop, with the resolution of the assembly 27.7.20 (2) – took € 21 mln from the 4 Consortia (of which € 11 mln in reduction of their participation rights, compared to the value of the contributions, and € 10 mln of unjustified premium). (5)
CAI Real Estate S.r.l., the suspicious contribution
The contribution of individual assets-such as real estate, except where they are subject to coordinated, stable and effective management (i.e., with active contracts)-is subject to registration tax and hypocatal taxes, in proportion to the value contributed. The transfer of a company or business unit, conversely, is a ‘tax-neutral’ transaction.
The properties contributed by the four Agricultural Consortia were apparently not subject to management systems independent of consortium realities and core businesses. And it is indeed doubtful that this could have happened, given the mutualistic objectives and statutory constraints defined for agricultural consortia in Law 410/1999. (3) But the opportunity to be able to avoid the payment of taxes owed, in an amount presumed to be no less than tens of millions, was too great.
Millionaire tax evasion, the pattern
Agricultural Consortia of Italy Società Consortile per Azioni-the Palazzo Rospigliosi entity that kicked off the Federconsorzi 2 operation, as a founding partner of CAI and CAI RE-had given a consulting assignment to Prof. Lawyer Antonio Cepparulo, already known to the news for various conflicts of interest that find further confirmation here (6,7).
Prof. Lawyer Antonio Cepparulo, with some cunning, had approached the Cesena Revenue Agency on behalf of Consorzio Agrario Adriatico cooperative society (instead of its principal CAI SCpA). (8) To propose a daring theorem aimed at excluding the newly formed CAI Real Estate S.r.l. (headquartered in Rome’s Palazzo Rospigliosi) from paying taxes on a transaction that would have involved some 300 properties, as well as real estate funds worth 87 million euros.
Tax evasion or tax fraud? The acts
However, the director general of the Emilia-Romagna Internal Revenue Agency did not fall into the trap of mayor-consultant Cepparulo. To which it was reminded that the interpellation petition regarding state treasury taxes, mortgage tax, mortgage fees and special cadastral taxes must be submitted to the relevant Regional Directorate, ‘subject to specific exceptions provided for by law that do not apply in the present case.’
Curiously, however, perhaps as a result of some informal consultation, the interpellation procedure was abandoned. And CAI Real Estate S.r.l. decided to make the mega-transfer of the 4 Agricultural Consortia into NewCo appear as if it concerned ‘business units‘ instead of ‘individual real estate assets.’ How, with what stratagems able to overcome the filters and networks of cross-checks where millions of Italian citizens are trapped, on transactions with 3,4,5 zeroes less?
#CleanSpades
The #CleanSpades investigation-which the press and institutions on the leash from Palazzo Rospigliosi insist on ignoring- thus reveals further aspects worthy of investigation by the relevant authorities. In this case by the Rome Revenue Agency, to which a copy of this article and anything else useful is forwarded.
The Public Prosecutor ‘s Office at the Court of Rome, on the other hand, has good reason to investigate and assess the possible criminal relevance of a wide range of activities that can easily be traced back to the unitary direction of the Coldiretti magic circle (9,10). In a magna-magna at the expense of farmers and the community that does not appear compatible with the rule of law. (11) #CleanSpades.
Dario Dongo
Notes
(1) Dario Dongo. Federconsorzi 2 and CAI Real Estate, the real estate treasures of Consorzi Agrari. GIFT(Great Italian Food Trade). 3/27/21, https://www.greatitalianfoodtrade.it/idee/federconsorzi-2-e-cai-real-estate-i-tesori-immobiliari-dei-consorzi-agrari
(2) Dario Dongo. Federconsorzi 2, 21 million burned at agricultural consortia in finance bonfire. #CleanSpades. GIFT (Great Italian Food Trade). 3/30/21, https://www.greatitalianfoodtrade.it/mercati/federconsorzi-2-21-milioni-di-euro-bruciati-ai-consorzi-agrari-nel-falò-della-finanza-vanghepulite
(3) Dario Dongo. Federconsorzi 2 aka CAI SpA, some clarity. GIFT(Great Italian Food Trade). 3/15/21, https://www.greatitalianfoodtrade.it/idee/federconsorzi-2-alias-cai-spa-un-po-di-chiarezza
(4) See also footnote 5 to the article cited in upper note 2
(5) The financial partners of CAI Real Estate S.r.l. are:
– AgriCorporateFinance (ACF) Srl, where CAI S.p.A. itself is the majority shareholder (76.2 percent) and Coldirette ‘Impresa Verde’ S.r.l.’s throughout Italy participate with symbolic shares,
– Consorzi Agrari d’Italia SCpA, in which 21 Consorzi Agrari participate.
– Romed SpA, the holding company of Carlo De Benedetti, and
– IPI SpA, run by professionals close to Carlo De Benedetti
(6) Dario Dongo. Federconsorzi 2, CAI SpA, AgriRevi, Coldiretti. The jerk dinner. GIFT (Great Italian Food Trade). 31.1.21, https://www.greatitalianfoodtrade.it/idee/federconsorzi-2-cai-spa-agrirevi-coldiretti-la-cena-dei-cretini
(7) In the meantime (1.1.20) Antonio Cepparulo has (1.1.20) assumed the role of chairman of the board of statutory auditors of AgriRevi SpA – now in liquidation – in charge, among other things, of auditing the accounts of CAI Real Estate S.r.l.
(8) Interrogation petition no. 196/2019
(9) Dario Dongo. Public administration, loyalty to the state or to Coldiretti? #CleanSpades. GIFT (Great Italian Food Trade). 6/27/21, https://www.greatitalianfoodtrade.it/idee/pubblica-amministrazione-fedeltà-allo-stato-o-a-coldiretti-vanghepulite
(10) Ettore Prandini, president of Coldiretti, inter alias is also president of the Agromafie Observatory. As well as a member of the Board of Directors of Consorzi Agrari d’Italia Società Consortile per Azioni. In the company of, among others, Federico Vecchioni (managing director of CAI SpA, through his family-owned ELFE Srl), Gianluca Lelli (CEO of CAI SpA, through his BT Srls) and Fabrizio Di Marzio. The former Cassation councilor, a partner in AgriRevi SpA among others (see also footnotes 9 and 11), is himself one of the protagonists of the Agromafie Observatory
(11) Dario Dongo. Federconsorzi 2, AgriRevi, AIPO (Unaprol). Golden 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
(12) Not to mention Gabriele Papa Pagliardini, business partner of Coldiretti’s magic circle in AgriRevi SpA and director general of AGEA. See most recently https://www.greatitalianfoodtrade.it/mercati/tris-del-tar-lazio-sui-caa-riammessi-i-liberi-professionisti
Dario Dongo, lawyer and journalist, PhD in international food law, founder of WIISE (FARE - GIFT - Food Times) and Égalité.
