(Alliance News) – At the request of Consob, Azimut Holding Spa announced on Thursday that following regulatory inspections of its subsidiary Azimut Management SGR, the Bank of Italy has identified significant governance and organizational deficiencies.
“It is therefore necessary for the intermediary to promptly initiate decisive corrective measures aimed at addressing the identified shortcomings and establishing a governance and control structure compatible with the operational complexity of the intermediary and the group,” the statement said.
Furthermore, the company’s current situation appears inadequate to support the SGR’s participation in significant operations, such as those outlined by the regulations on collective asset management. Specifically, this includes mergers, demergers, acquisitions of stakes, purchases and sales of companies or business units related to investment and collective asset management services and activities, according to the statement released.
Regarding the TNB project, the full implementation of the remedial plan is aimed at eliminating all identified shortcomings and will be subject to evaluation by the Bank of Italy.
The statement continues by noting that effectively overcoming these critical issues is not, in itself, sufficient to guarantee a positive outcome for any proceedings related to the project, which will be assessed in accordance with current regulations and timelines.
Azimut Holding shares fell over 14%, trading at EUR31.15 per share.
By Claudia Cavaliere, Alliance News reporter
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