Manfredi Catella, founder of Italian real estate firm Coima, is resuming his CEO responsibilities after a Court of Review decision overturned a precautionary measure in an investigation into the company for alleged misconduct.
Following last week’s decision by the Court of Review to annul the precautionary measure previously imposed, Catella, said: “Today, the Court rejected all of the prosecution’s requests and annulled the precautionary measure. We are confident that the forthcoming full judgment from the Court of Review will affirm the absence of grounds for precautionary measures and address the lack of conditions supporting the allegations made by the prosecution.
“We are profoundly grateful for the trust and extensive support we have received from our partners and stakeholders. With renewed conviction, we will continue to pursue Coima’s mission to deliver sustainable real estate that creates positive impact and lasting value for all.
“On a personal note, I am returning to work [Friday 22 August] following an important experience that has strengthened our moral resolve and entrepreneurial commitment to our country, and reaffirmed Italy’s expertise and reputation on the international stage.”
Last month, Coima confirmed it was cooperating with authorities following reports that Milan prosecutors were investigating the company.
The probe implicated several individuals and entities, including Coima, as part of a wider inquiry.
Catella was one of several individuals placed under house arrest as part of a Milanese prosecutors’ investigation into the company for alleged misconduct related to the city’s urban planning management.
As a result of the investigation, Coima’s board earlier this month temporarily delegated the CEO’s powers to CIO Gabriele Bonfiglioli, head of fund and asset management Matteo Ravà and chief financial officer Fulvio di Gilio.
According to a statement by Milan’s chief prosecutor at the time, the city’s police raided several offices and homes as part of an investigation involving several developers, asset managers, architects, public officials and members of the mayor’s office. A report by Il Sole 24 Ore newspaper at the time said investigators were seeking house arrests for Catella and Giancarlo Tancredi, a councillor for the Municipality of Milan.
The investigators were also requesting jail time for Andrea Bezziccheri, an entrepreneur and administrator at real estate company Bluestone; architect Alessandro Scandurra; Giuseppe Marinoni, former chairman of Milan’s landscape commission; and Federico Pella, manager and partner at engineering company J+S spa.
The Milano Finanza newspaper also reported that Giampiero Schiavo, CEO of Castello, majority-owned by Italian asset management group Anima, and Paolo Bottelli, CEO of Kryalos, are under investigation.
All named individuals were reportedly part of an ongoing investigation concerning suspected bribery and forgery.
Castello had said in a statement that it is ready to cooperate with the authorities on the case, adding that it has always operated with professionalism and integrity, and it is confident that such conduct will emerge clearly during subsequent investigations.
Kryalos declined to comment at the time.
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