Mediolanum, EU Court blocks Berlusconi: why

Stop for Silvio Berlusconi on the acquisition of the qualified shareholding of Banca Mediolanum due to the lack of the integrity requirement of the Forza Italia leader. The ban, decided by the ECB, was confirmed by the Court of Justice of the European Union, rejecting the appeal of the holding Fininvest.

Mediolanum, EU Court blocks Berlusconi: the legal matter

The dispute begins in 2014 with the suspension by the Bank of Italy of voting rights and the sale of the surplus 9.99% of Mediolanum to Fininvest.

The institute in via Nazionale, in agreement with the Supervisory Body Ivass, had imposed on the holding company the sale of the stake in the Milanese bank following the transposition of European regulations on financial conglomerates and the loss of the integrity requirements of Silvio Berlusconi, due to the conviction for tax fraud received by the former prime minister in 2013 (here we had written about the “almost marriage” between the Knight and Marta Fascina).

A decision by the Bank of Italy, however, canceled in March 2016 by the Council of State.

When in 2015 the financial company Mediolanum was incorporated by its subsidiary, Banca Mediolanum, Fininvest (which held a stake in Mediolanum) became a direct shareholder of the bank founded by Ennio Doris.

With the launch of a new assessment by the Bank of Italy and the European Central Bank on the stake held by Fininvest, the ECB refused to authorize the acquisition of a qualifying stake and now the EU Court has rejected the holding’s appeal for the annulment of this decision.

The EU Tribunal explained with the sentence how one is indispensable after assessing the suitability of any person intending to acquire a stake in a credit institutionto ensure that the ownership of these credit institutions remains suitable and sound financially (here we talked about Berlusconi’s speech towards Putin).

Furthermore, the European judges continue to say, “to ensure their prudential soundness, credit institutions are required to comply with a set of Union rules on the subject, and such compliance also depends strictly on the suitability of their owners and any new owners before that it acquires a significant stake in these entities “.

Finally, an extract from the EU Court’s press release reads, “the authorization procedure for the acquisitions of qualified shareholdings is aimed at guaranteeing the sound and prudent management of the entity to which the acquisition project refers as well as the suitability of the proposed acquirer and the financial soundness of the proposed acquisition considered, taking into account its probable influence on the entity concerned “.

Mediolanum, EU Court blocks Berlusconi: the note from Finivest

In a note, Fininvest announced that “do not agree with the reasons given by the European Courtdeeming them seriously erroneous in fact and in law, and for this reason it has already mandated its lawyers to challenge the judgment of the Court before the Court of Justice of the European Union “.

“Until the final ruling of the Court of Justice of the European Union, remains suspended – we read – as per the order of the Lazio Regional Administrative Court of 17 April 2018, the provision by which the Bank of Italy, following the ECB’s refusal provision, had ordered the sale of the stake exceeding 9.99% of the Bank Mediolanum “.

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