Atlantis Casino owner denies all accusations

June 04, 2012 9:58 AM

PHILIPSBURG - Francesco Corallo, widely considered to be the real owner of Atlantis Casino in Cupecoy, vehemently denied over the weekend accusations brought against him by Italian tax authorities.

International news agency Reuters reported early last week that the Italian tax police had issued an arrest warrant against Corallo. He is suspected of corruption in connection with a loan of 148 million euros from the Italian Banca Popolare di Milano (BPM) to the casino chain Atlantis-BP.
 
According to Reuters, Milan prosecutors suspect that "huge" loans were granted partly "through the falsification of evaluation procedures at the bank" and given in exchange for 5.7 million euros in bribes, a police statement said on Tuesday.
 
When the investigation led to searches at then BPM Chairman Massimo Ponzellini's offices and residences last November, investigative sources said the anomalous loans included one worth 148 million euros given to gaming company Atlantis-BP (B-plus) after it won a contract from state gaming body AAMS back in 2004, Reuters added.
 
Ponzellini, who left the Milanese mutual bank at the end of 2011, and Corallo were two of three people against whom the police were executing arrest warrants on allegations that include criminal association. Ponzellini was placed under house arrest. He is currently chairman of Italian builder Impregilo.
 
The other arrest warrant was issued against Antonio Cannalire, a person with interests in the gaming business and seen as close to Ponzellini. Corallo is a fugitive and Cannalire was also placed under house arrest, investigative sources said.
 
"Up to today I have not been served any alleged arrest warrant for any alleged wrongdoing whatsoever," stated Corallo in a press release issued by his lawyer Bruno Larosa in Rome on Saturday. "I have never been arrested or condemned for any wrongdoing or crime anywhere in the world, ever, and have a completely clean record. In any event, I am neither an Italian citizen nor a resident and therefore I cannot be a fugitive" whose current whereabouts are unknown.
 
His attorney Larosa explained in the press release that the civil code article 2635 referred to by the Milan prosecutors in their investigation into alleged irregularities committed by Ponzellini was not a criminal law article, but dealt with relations between private parties. The article states:
 
"The directors, general managers, auditors, liquidators and those responsible for the review, which, following the bestowal or promise of benefits, commit or omit acts in violation of the obligations inherent to their office, causing financial harm to the company, are punishable with imprisonment up to three years.
 
"The same penalty applies to those who give or promise to give the benefit. This can only proceed through a complaint filed by the offended."
 
Larosa pointed out that the loan of 105 million euros contracted by Atlantis-BP (B Plus) with BPM had been approved by the bank's board in complete transparency and in compliance with all required banking regulations.
 
"The loan is up to date and in good standing with a balance due of only 33 million euros. As such it has been a very good deal for the bank, which has made more than 7 million euros in interest and fees up to date," argued Larosa.
 
"More importantly, there have never been any payments or promises of payments whatsoever to any bank official or administrators of the bank, or anyone else for that matter," he added. "It is evident that no financial harm, as described in article 2635 CC, exists and that therefore no crime could have been committed."
 
Larosa said that instead these slanderous accusations had to be placed "in the context of the renewal of the concession held by B Plus, whereby numerous efforts have been made by B Plus competitors to have B Plus excluded from the tender process."
 
"B Plus has previously submitted a complaint to this effect with the prosecutor's office in Rome and expects the offenders to be prosecuted," he concluded.

Related article:

- Arrest warrant issued for Francesco Corallo in Italy