photo: Banca Popolare di Lodi

An open letter to:

Mario Draghi Governor of BANCA D'ITALIA
Maurizio Sella President of ABI
Lamberto Cardia President of CONSOB

C.C.: Carlo Azeglio Ciampi President of the Italian Republic



Given that:

- The former head of Banca Popolare di Lodi, Marco Fiorani, is in prison because he is under investigation for serious offences related to his position.

- At the share-holders meeting of 28 January 2006, the new Board of Directors appointed included two people who had been directors on the previous Board under the leadership of Fiorani, namely ex vice president Giorgio Olmo, and Guido Duccio Castellotti.

- The 2004 accounts of Banca Popolare di Lodi were approved with the participation of Giorgio Olmo and Guido Duccio Castellotti on 30 April 2005.

- The members of the Board of Directors must fulfil their obligations as laid down by law and by the constitution of the company with diligence (art. 2392 c.c.). If they don’t fulfil their obligations as laid down by law and by the constitution of the company and in this way cause damage to the company they can be declared responsible for their action which must be decided at a regular shareholders meeting by a majority of shareholders (art. 2393 c.c.). Furthermore, if the administrators act fraudulently or negligently and cause damage to the social creditors, to individual shareholders or to third parties they are responsible to these parties upon action brought by who has been damaged by the activity of the member of the Board of Directors.



”I think that the presence of members of the Board of Directors from the Board led by Fiorani who with him have shared the choices made and the strategies adopted by the Bank are completely inappropriate for the renewed Board and for the protection of the small-scale shareholders and savers of the Bank.

The credibility of the Italian banking system, in particular the Bank of Italy, Consob and ABI, cannot allow for the continued presence of Giorgio Olmo e di Guido Duccio Castellotti on the Board of Directors of the Banca Popolare Italiana

Antonio Di Pietro.

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In response to Maria D'Angelo | 16.02.06 - 11:39
The Union has not officially adopted the ethical code that I’ve suggested, but it hasn’t raised any type of objection in relation to its content.
Obviously Italia dei Valori has applied it. As soon as I can, I will publish on this Blog the list of all our candidates with their CVs.

Best wishes, Antonio Di Pietro.