Health Italia suspended, risks collapse.  The theme of ipo and self-laundering - MilanoFinanza.it

Health Italia suspended, risks collapse. The theme of ipo and self-laundering – MilanoFinanza.it

Health Italia, a company specializing in the supplementary healthcare system, is suspended from quotations today with a theoretical decrease of 30% starting from the last trading price, € 2.84 after the intervention of the Finance Police. But, as a stock trader explained to milanofinanza.it, “the stock is likely to lose much more due to strong pressure on the selling side.” In the book this morning the transfer orders entered are in several cases 60 times higher than the purchases (30,000 out of 500 for example).

Late yesterday, the company, listed on Aim (Euronext Growth Italia), wrote in a note that, with respect to the investigation against the director Massimiliano Alfieri and the application of a preventive seizure against the entrepreneur, the group is ” completely unrelated to the facts to which the investigation refers “. Massimiliano Alfieri, former CEO of the company, is currently a member of the board of directors and holds a stake of 61.90% of the share capital of Sorgiva Holding and 50.00% of Isola Spa, owners respectively of 29.54% and 5.05% of the share capital of Health Italia.

What happened? According to Reuters, there is also the listing on the AIM among the episodes contested by the 11 suspects which yesterday the Milan Finance Police seized over 21 million euros for an alleged scam against approximately 1,500 investors. This is what emerges from the seizure decree, in which in particular the listing of Health Italia in February 2017 is cited as an episode of self-laundering.

The magistrates write in the decree that the company, at the time of the listing, was directly attributable to a “corporate entity into which part of the proceeds of the scams had flowed”. The crime of self-laundering occurs when the money resulting from a crime previously committed by the same person who then reinvests it is invested in an activity.

A press release from the Gdf reports that the 11 suspects, residing in Switzerland, Lombardy and Pesarese, are accused of having deceived almost 1,500 investors “including numerous professionals and entrepreneurs, who were fraudulently persuaded to make investments in real estate funds set up in the islands. Bermuda and Lichtenstein “.

The crimes hypothesized in the investigation conducted by the Milan prosecutor’s office are criminal association, fraud and self-laundering, according to the decree. The alleged scam, which began in 2010, consisted in inducing investors to use their money “directly or through the underwriting of unit-linked insurance policies issued by foreign companies, in funds managed by Maltese variable capital investment companies, which have proved to be lacking in liquidity over time “, reports the note from Finance.

In the press release, the Gdf explains that the placement of the policies took place through a network of Italian insurance distributors, connected to each other, many of which no longer exist. “The network of financial companies based in Maltese territory was completely dismantled and the investors’ money was not used to feed the funds in question, having instead been routed to Italy, also passing through Swiss accounts, to the benefit of the same subjects placing the insurance policies, perpetrators of the fraud “, reports the note. Leading Health Italia is now Livia Foglia, current director, Investor Relations Manager and head of the Welfare Area.

The company closed the first half of 2021 with revenues of 18.5 million, up 31% year on year. The final result also improved, positive for over 139 thousand euros, compared to the loss of 148 thousand euros recognized in the first six months of 2020. At the end of June 2021, net debt was equal to 10.55 million, in line with 10.36 million at the beginning of the year. (All rights reserved)

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