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Guardia di Finanza

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More bad news comes from Italy, as MV Agusta has come under investigation by the Guardia di Finanza for allegedly misusing its employees’ INPS contributions (Italy’s national pension system, similar to the USA’s Social Security system), which may have gone to paying bills from suppliers, to the tune of €6.8 million.

To put this into context for our American readers, Italy’s Guardia di Finanza is law enforcement agency that handles financial crimes – its duties and powers are analogous to the intersection on a Venn diagram that is composed of our IRS, FTC, and US Customs bureaus.

Italian businesses are required to pay into the INPS pensions of their employees, and here the Guardia di Finanza has been investigating whether MV Agusta used those funds instead to pay its supplier invoices. MV Agusta CEO Giovanni Castiglioni denies the allegations, though has some financial issues of his own to contend with.

mv-agusta-ducati-trade-secret

Ducati has accused the Managing Director of MV Agusta, Henry D’ Onofrio, of commiting industrial espionage. Namely, the Bologna based Ducati accuses D’Onofrio of violating Ducati trade secrets, unlawful competition, and aggravated robbery against his former employer. 

Since May 1st, D’Onofrio has been the Managing Director of MV Agusta, the company’s most senior post since its acquisition by Harley-Davidson. Before this, the 51 year-old Italian was the Corporate General Director of MV Agusta, and previously worked at Ducati as the company’s Chief Financial Officer.