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Generali's ex-CEO and ex-general manager under investigation

Giovanni Perissinotto, Raffaele Agrusti in obstruction probe

24 February, 13:47
Generali's ex-CEO and ex-general manager under investigation (ANSA) - Trieste, February 24 - Formal notice on Monday was issued to two former top executives at the Italian insurance giant Generali Group that they have been placed under investigation for obstructing scrutiny by regulators.

Prosecutors in the northeastern Italian city of Trieste, where the multi-billion-euro insurance multinational is based, are probing ex-chief executive Giovanni Perissinotto and ex-managing director Raffaele Agrusti.

Prosecutors were alerted to the case by Italian insurance and bourse watchdogs Ivass and Consob, respectively.

The regulators had flagged suspicion of irregularities concerning internal governance for a number of private-equity and alternative-fund investments, which they believed were decided or managed by Perissinotto and Agrusti without necessary powers of authority, appraisals, or instruments for protection or monitoring.

Generali Group reported 234 million euros in losses from the investments on the balance sheet, but an internal audit by KPMG found the transactions in question were worth 660 million euros. The Generali board ousted Perissinotto in a surprise boardroom coup that took place in June 2012, and appointed Mario Greco in his place. Greco was chief executive at Zurich Insurance prior to Generali. (photo: Raffaele Agrusti)