BREAKING NEWS: MV Agusta might be closing doors!!
MV Agusta might be in midst of closing doors!!
Bad news arrived from Italy, Guardia di Finanza (their financial police in Italy) has investigated the manufacturer and discovered the misusage of employees’ pension contribution. The employee’s effort for their retirement was used to pay the bills of suppliers and all added up, its 7.2 Million USD. All allegations have been denied by the CEO Giovanni Catiglioni so far. The CEO himself is also under high pressure, as his personal tax are also into trouble with the Italian Financial Police. On top of this mess, there is already in place court negotiations for more then 50 Million USD that are owed to suppliers.
In pretty bad shape the company, it either gets a good investment and restructuring in or it will likely close doors.