“Invitalia’s budgets inflated”. Yet another fool for Domenico Arcuri – Time

“Invitalia’s budgets inflated”. Yet another fool for Domenico Arcuri – Time
“Invitalia’s budgets inflated”. Yet another fool for Domenico Arcuri – Time

Mario Draghi immediately torpedoed him and since then his name has disappeared from the media reports, but now Domenico Arcuri is back in vogue for what happened on Invitalia’s balance sheet. The former commissioner for the Covid emergency, replaced by General Figliuolo, is the CEO of the National Agency for the Attraction of Investments and Business Development, a company wholly owned by the Ministry of Economy and finances. As Il Giornale points out, the auditing firm Deloitte was called to judge the financial statements and immediately found some irregularities.

For the auditors, explains the newspaper, the 2020 financial statements are missing 20.5 million in losses, given that the profits of the company led by Arcuri would have been 16.4 million and not the 36.9 announced by the board and approved “without remarks” by the shareholders’ meeting, or by the ministry. The inconsistency on the figures derives from the write-downs of the properties that are part of the Invitalia disposal plan: according to Deloitte, these adjustments were entered by the company, voluntarily and erroneously, “in the statement of comprehensive income rather than in the income statement as required by the ‘IFRS’ principles adopted by the EU. This constitutes a deviation from these principles, as the circumstances envisaged for the derogation from their application do not exist “. In essence, Invitalia has chosen to account for the write-down of properties in the shareholders’ equity rather than in the income statement.

But the Invitalia board of statutory auditors does not agree with the auditors and rejects the evaluation to the sender, explaining that “the financial statements have been prepared in accordance with international accounting standards, except for the derogation provided for by article 47 of the Relaunch decree of May 2020” . Another mess that Arcuri, very loyal to the former Prime Minister Giuseppe Conte during the first year of the pandemic, will be able to add to his curriculum.

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Invitalias budgets inflated fool Domenico Arcuri Time

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