The European Court of Justice confirmed the European Central Bank’s decision against the eligible stake in Banca Mediolanum which was over 9.99% by Fininvest, due to Silvio Berlusconi’s dishonesty. The Bank of Italy ordered the suspension of voting rights and the sale of a surplus of 9.99% of Mediolanum into the hands of Fininvest due to Berlusconi’s lack of integrity requirements, following a ruling for tax fraud in 2013 (the decision was overturned by the Council of State in March 2016). In 2015, parent company Mediolanum was merged into Banca Mediolanum with the launch of a new valuation by the Bank of Italy and the European Central Bank on the stake owned by Fininvest and the ECB’s refusal to declare what was thus constituted as the acquisition of a qualifying contribution.
Today, the Court of the European Union rejected Fininvest’s appeal to annul of the European Central Bank’s decision. After the ruling, Fininvest can appeal to the European Court of Justice. In this case, according to the Lazio TAR order issued in April 2018, remains the ruling under which the Bank of Italy, after providing the European Central Bank, has ordered the sale of the investment in Fininvest in excess of 9.99% of Mediolanum Bank. Suspended until the final verdict. In today’s court ruling, among other things, it was noted that a prior assessment of the suitability of any person wishing to acquire a stake in a credit institution is necessary to ensure that the ownership of such credit institutions remains sound and financially viable. .
Moreover, to ensure their precautionary integrity, credit institutions They are required to comply with a set of union rules on this matter, and that compliance also depends largely on the suitability of their owners and any new owners before they acquire a significant stake in those entities. Finally, the licensing procedures for the acquisition of qualified shares are aimed at ensuring the proper and prudent management of the entity to which the acquisition project refers, as well as the suitability of the proposed purchaser and the financial soundness of the proposed acquisition under consideration, taking into account the calculation of its potential impact on the entity in question.
On a note, Fininvest notes that it does not share the reasons The European Court, which it considered seriously wrong in fact and in law, and for this reason has already authorized its lawyer to challenge the court’s ruling before the Court of Justice of the European Union. Until the final ruling of the Court of Justice of the European Union, the ruling was that the Bank of Italy, following the ECB’s disapproval order, had ordered the disposal of equity investments exceeding 9.99% in Banca Mediolanum.
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