Montezemolo, no compensation from 50 million (for him and his son): they were not scammed by the broker
The Alta Court of London has rejected the request of Luca Cordero di Montezemolo and his son Matteo to obtain a maxi compensation of 50 million euros charged, among others, of the Broker Daniele Migani
No compensation for I Montezemolo. « The claims of the applicants are rejected. » With these words The Alta Court of London has rejected the request of Luca Cordero di Montezemolo and his son Matteo to obtain a
compensation from 50 million euros. A figure monstrous to dependent, among others, of the broker Daniele Miganifounder of the XY group specialized in
Consulting on great assets. Entrepreneurs claimed to have been
«Victims of a fraud» because of some investments finished bad five years
ago. The cause had been started by Montezemolo in December 2020 to contest financial losses suffered following the collapse of the markets due to the Covid pandemic.
The story
The judicial affair led last November to the seizure of 18 million Migani (then released), residing in Switzerland and with a past as a nuclear physique at CERN in Geneva, as part of a Milanese investigation on alleged scams to other VIPs and entrepreneurs. Among the hypotheses of crime: scam, abusive financial activity in Italy and omitted presentation of the tax return. However, the kidnapping had then been canceled by the review.
The decision of the judges
The sentence of the Upper Court of London according to Migani himself, confirms « the correctness and professionalism with which XY, the companies connected and I have operated ». In the decision, the British judges rejected the accusations of scam and negligence and the request for compensation, giving reason to Migani, To the manager Federico Faleschini and a series of companies, including XY and Skew Base.
« It wasn’t a Ponzi scheme »
The judge, accepting XY’s question, also established that the former president of Ferrari, the son and the London Family Office, Gi Globinvestment Ltd, must pay the backward invoices for the services received. The Skew Base Fund, through which investments were made, writes the judge, « was conceived and actually revealed a considerable range, legitimate and managed in a professional way. It was not a Ponzi scheme – it reads – or something similar ». And before the « disorders on the markets caused by Pandemia da Covid at the beginning of 2020, investors were obtaining significant returns ».
The pandemic factor
In essence, it is written in the verdict, if there had not been the pandemic, investors « would have continued to benefit from the important returns that their investments in these sectors were able to generate ». And again: « Migani and XY had valid reasons to believe that the investment in the mines and HFPOs were consistent with the relevant investment objectives ». For the judge, the risks related to investments had been adequately communicated by Migani and XY. « The sentence of the high court of London – comments the broker – unequivocally confirms the correctness and professionalism with which XY, the companies connected and I have operated in the interest of our customers ».
The judge, says the founder of the group, « clarified that the losses suffered were due exclusively to the financial crisis generated by the pandemic ». On 6 December, the Milan review had released those 18 million frozen in the Milanese investigations, accepting the request presented by the lawyers Alessandro Pistochini and Raimondo Maggiore. A month earlier from the cards among the various names of the investors, the singer and producer Caterina Caselli and the car designer Giorgetto Giugiaro had come to the surface.
