SINCE JULY 2ND, BUONITALIA IS IN LIQUIDATION AND ITALY RISKS A POOR SHOW: 20 MILLION EUROS STILL IN THE TREASURY, WHILE CREDITORS ARE WAITING AND WORKERS MIGHT BE LIABLE FOR ADMINISTRATIVE POLICIES

The evolution of the Buonitalia Spa affair, the company controlled by the Ministry of Agriculture for the promotion of Made in Italy food products in the world, and officially in liquidation since July 2nd (WineNews had already of which had already occupied), risks turning into a spectacular own goal for the image of the country. First of all, because the controlled (or not) "bankruptcy" of a public company is never healthy for a country’s "rating".
Second because, paradoxically, the company, from a financial standpoint, has a surplus of more than 20 million euros that cannot be spent due to inadequate accountability, and furthermore it would be sufficient to pay at least the biggest creditors’ debts: according to several sources, VeronaFiere is owed 3.5 million euros; the Consortium of Grana Padano 2.8; and the same amount for Parmigiano Reggiano; the Venice Biennale 300.000 euro and Italian Enoteca 200.000, and all for projects already approved and implemented.
Third, it is clear that the Buonitalia employees would be liable and since collective lay offs are going forward the employees would become the scapegoats of political and administrative responsibilities, because they only worked on projects and activities established and approved by company executives appointed directly by the Ministry. Not to mention that the public administration would fall short of the commitment they took in the minutes of General Meeting on September 13, 2011, which stated that safeguarding employment is a priority of the goals that the liquidator must pursue in liquidation procedures of the company. In other words, it is an ugly mess, and Italy’s agribusiness, and Italy, risk seeing their credibility damaged.
Moreover, according to rumors, the most important creditors would be offered a sort of "safe haven" of part of the debt to avoid the risk of losing everything when the company is liquidated. This attitude, if confirmed, is contrary to ethics, which, especially now, with the public sector that demands companies and individuals strictly observe payment times, but that often acts quite differently. In short, if the Buonitalia affair continues along this line, it risks giving the image of a “Bad Italy”, which definitely would not benefit anybody.
“It is not good business to let a Public Corporation go bankrupt: the great attention Italy gets from international markets and the consequent risk of losing credibility are an efficacious deterrent”, said the President of the Agriculture Committee in the House of Representatives Paolo Russo (PDL), among the first critics regarding the administration of Buonitalia, who even asked for the intervention of the Courts. He especially attacked the management of Walter Brunello, who was appointed by Minister Zaia, of the Lega Nord party. “Political responsibility is one thing, but it is a totally different thing that Buonitalia has resources which cannot be spent.

One thing is to let a public company go bankrupt among outstanding creditors, abandoned workers and businesses left without openings; another thing is to transfer the mission, resources and professional skills to another national agency to support the real food chain in internationalization opportunities. The mission remains, so perhaps it would be best to entrust the case to the new Foreign Commerce Institute, ICE". Words that should be heeded.