Real estate investment firm Coima and its CEO, Manfredi Catella, have had corruption charges related to an urban planning investigation in Milan dismissed by the Italian Supreme Court, bringing the case to an end.
The final ruling by the Supreme Court follows the initial charges filed in July, during which Catella was temporarily placed under house arrest by the Court of Milan as prosecutors investigated several individuals and entities, including Coima, Castello and Kryalos, as part of a wider inquiry into alleged misconduct related to the city’s urban planning management.
That precautionary measure was annulled after Coima appealed to the Court of Review, which found no grounds for the charges.
Following a subsequent appeal by the Public Prosecutor against the Court of Review’s decision, the Supreme Court has now upheld that ruling, dismissing all charges and officially closing the urban planning probe.
In response, Catella said: “The ruling by the Italian Supreme Court – the highest level of court, whose decisions cannot be appealed – rejects all allegations and charges against us. Through this challenging experience we have undergone intense scrutiny – one of the most profound ‘stress tests’ imaginable — and our integrity has been unequivocally affirmed, demonstrating that Coima operates to the highest standards of transparency, legality and professionalism.
“We can now move forward with renewed confidence, positive energy and determination, continuing to serve our stakeholders with the entrepreneurial drive and managerial excellence that define Coima, as we pursue our mission to deliver sustainable real estate that generates meaningful impact and long-term value.”
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