A courtroom discovered that firms linked to the ‘ndrangheta mafia had been capable of entry state-backed loans.
The Italian lender Banca Progetto has been positioned beneath courtroom administration for allegedly giving state-backed loans to firms linked to the mafia.
In accordance with prosecutors in Milan, corporations managed by individuals related to Italy’s infamous ‘ndrangheta group had been capable of safe greater than €10m in credit score.
By granting these loans, officers argued that Banca Progetto violated anti-money laundering insurance policies. These require sure checks to be made on debtors.
The loans had been assured by state-owned financial institution Mediocredito Centrale by a fund for small and medium enterprises.
This state assist was designed to help companies by the pandemic, in addition to by Europe’s vitality disaster following the invasion of Ukraine.
In a press release launched on Thursday, Banca Progetto sought to make clear misconceptions that it has been positioned beneath complete administrative management.
The lender is beneath courtroom administration, which means {that a} court-appointed exterior administrator, Donato Maria Pezzuto, will oversee sure elements of its operations.
This can be a security measure to make sure official procedures are being correctly adopted.
“Banca Progetto Spa due to this fact intends to reassure its prospects and stakeholders that it’s going to proceed to function in a totally strange method by its inner our bodies and buildings,” the lender defined.
It added that alleged shortcomings associated to 10 loans out of a portfolio of 40,000.
The information comes after Oaktree Capital Administration struck a deal in early September to promote Banca Progetto to funds managed by non-public fairness agency Centerbridge Companions.
Oaktree initially purchased the lender in 2015, beneath the title Banca Popolare Lecchese. A 12 months later, it was relaunched as Banca Progetto.