Italian Business Leaders Lose Millions in Luxembourg Fund Collapse

Prominent Italian businessmen lost millions in collapsed Skew Base fund, while an Italian cooperative reportedly profited, raising questions about transparency and oversight.

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Italian Business Leaders Lose Millions in Luxembourg Fund Collapse

Italian Business Leaders Lose Millions in Luxembourg Fund Collapse

Several prominent Italian business leaders, including Luca Garavoglia, president and major shareholder of Campari, Marco Boroli, director of B&D Holding, Claudio Lucchese, owner of Florim ceramics, and Antonio Miyakawa, former Luxottica manager, invested millions in the now-collapsed Luxembourg-based Skew Base fund between 2017 and 2020. The businessmen made the investments on the advice of Italian-Swiss manager Daniele Migani.

The Skew Base fund, which was based in Luxembourg, collapsed during the COVID-19 pandemic, resulting in significant losses for the Italian investors. However, Coop Alleanza 3.0, an Italian cooperative, reportedly profited from the fund during this time. Investigators have uncovered money trails leading from the fund to Liechtenstein.

Why this matters: The collapse of the Skew Base fund and the losses incurred by high-profile Italian business leaders highlight the risks associated with international investments and the potential for financial mismanagement. The investigation into the fund's collapse and the money trails leading to Liechtenstein raise questions about the transparency and oversight of such investment vehicles.

The Italian business community has been rocked by the news of the losses incurred by Garavoglia, Boroli, Lucchese, and Miyakawa. The businessmen, who are well-known figures in their respective industries, had trusted the advice of Daniele Migani when investing in the Skew Base fund. The fact that Coop Alleanza 3.0 profited from the fund while others lost money has raised eyebrows and prompted calls for further investigation.

Key Takeaways

  • Prominent Italian business leaders lost millions in collapsed Skew Base fund.
  • Fund was based in Luxembourg and had money trails leading to Liechtenstein.
  • Investors followed advice of Italian-Swiss manager Daniele Migani to invest.
  • Italian cooperative Coop Alleanza 3.0 reportedly profited from the fund.
  • Collapse highlights risks of international investments and financial mismanagement.