interrogazione in commissione C. 5/07147 / Testo INTERROGAZIONE A RISPOSTA IN COMMISSIONE - OpenParlamento
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refers:C.5/07147 [On the failure of securities firms GForex]
Double Act
A question for immediate response by the Commission 5-07147 COSIMO Ventucci
Tuesday, June 19, 2012, meeting n.652
Ventucci. - The Minister of Economy and Finance. - To know - given that:
in recent months the press has given prominence to the news about 400 Italian investors who have suffered losses of around 26 million euros as a result of the failure of securities firms GForex;
in particular, that company would have collected from Italian clients funds that should have been invested in the financial center of Dubai through the electronic platform for trading and financial services provided by the company GTL Trading, based in Dubai, due to the Pakistani national Riaz Mahmood ;
the above company GTL Trading through complex mechanisms speculative, promised, in essence, rapid and substantial gains through arbitrage activities of foreign exchange currencies;
according to press reports, the funds collected from the customers of that company GForex would be passed through a complex corporate architecture, first in Switzerland, then to Dubai, and then transferred to a company based in the Virgin Islands;
as assessed by the directors of the company GForex, before being put into liquidation, the disruption would be caused by breaches by the company GTL, which, as of March 18, 2011, would have prevented access to that GForex telematics platform and to make their trading operations, thereby preventing the GForex to recover the sums transferred to the GTL, resulting in a loss, by Italian investors, the amount they invested;
as a result of that failure GForex the company has taken legal action against GTL, submitting a complaint to the courts of Dubai and one at the prosecutor's office in Milan;
in this context Riaz Mahmood said he would return it to the liquidator of a proposed settlement GForex totally unsatisfactory, suggesting the return of only a small fraction of the amount invested;
the dynamics of such instability is still obscure, both as regards the timing, both as regards the reasons which have determined;
also does not appear clear in this context, the responsibilities of the Italian company GForex, who, in September 2010, was inspected in view of its transformation into brokerage companies (SIM);
In any case, we must emphasize the seriousness of the situation, which is another great example of a hoax perpetrated on unsuspecting investors, who, encouraged by the promise of major investment rates, now at risk of losing their savings, with many families in a condition of severe difficulties;
in particular is very disturbing that it was possible to collect savings from the general public, to allocate to speculative investments entirely opaque, operated by foreign companies, probably located in tax havens, with no time to intervene surveillance mechanisms responsible for ensuring transparency and the protection of investors;
the question has already been the subject of question for written answer no. 4-14974 signed first Marinello, with which it asked the Minister of Foreign Affairs and the Minister of Economy and Finances, a diplomatic intervention by the Government of the United Arab Emirates;
In response to this act of union inspection, the Secretary of Foreign Affairs informed Dassù, on April 26, 2012, that the matter had been brought to the attention of the Italian Embassy in Abu Dhabi, and that the Italian ambassador had brought, with its letter, the matter to the attention of the Minister of the UAE, underscoring the sensitivity of the issue and the need to protect the rights of Italian citizens affected -:
which may provide more information on, even through the CONSOB, and what steps it proposes to assume, even in his capacity as President of the Interministerial Committee for Credit and savings in order to ensure adequate protection to the rights of Italian investors involved and to obtain the return of capital they had invested, and in order to prevent future similar events could happen again. (5-07147)
