The figures, timing, and dates in the €243 million financial investment conducted by Abbanoa with Credem Euromobiliare don't add up. This is according to Paolo Truzzu, the leader of the Brothers of Italy group in the Regional Council, who, after reviewing the documents relating to the matter—obtained through access to documents—continues to speak of "hypothetical damage to the treasury." He has even announced a complaint to the National Anti-Corruption Authority (ANAC) and the Court of Auditors.

Regional President Alessandra Todde, who had already been implicated, defended the water utility's decisions: Abbanoa, she said, "is a legal entity with full management, organizational, and accounting autonomy." She explained that the company's board of directors had established the Asset Management Committee, granting it operational mandate, and that the committee deemed the proposal put forward by Credem Euromobiliare, a "primary" institution with a prudent risk profile, "advantageous." In short, Abbanoa would have gained by entrusting €243 million to a private entity. The decision, Todde claims, was made after a thorough investigation.

Truzzu is not convinced that everything happened as the governor reconstructed: "The documents provided by Abbanoa demonstrate that the choice of Credem Euromobiliare Private Banking as a financial intermediary was essentially made by management, before the establishment of the Asset Management Committee and before any board resolution specifically authorizing financial investments."

And here are the dates: Credem's proposal of March 4, 2025, the opening of the dedicated current account (June 29, 2025) and the meeting with Credem's top management (July 8, 2025) "all precede the Board of Directors' Resolution (July 30, 2025) and the establishment of the Asset Management Committee (August 6, 2025)."

The decision to invest in Credem, Truzzu accuses, "was made by the CGP in just 48 hours (August 6-8, 2025), without any real comparison with other intermediaries, without any approval of the Financial Management Guidelines by the CGP and the Abbanoa Board of Directors."

The FdI group leader called it "surprising that it took only 48 hours to allocate €50 million and a full 46 days to approve the guidelines for deciding how to allocate that €50 million and the other €193 million . These guidelines, among other things, called for diversification of investments, which were instead entrusted to a single bank and which had to be approved by the same Board of Directors." This is something that never happened, "as evidenced by the letter from a board member who formally distanced himself from the operation."

Furthermore, contacts with Banco di Sardegna for an alternative proposal "were initiated only in October and December 2025, when Credem's management was already fully operational. However, the comparative assessment incredibly took place exactly one year later: on June 30, 2026, with an ex post reconstruction aimed at simulating a comparative process that was never conducted."

There's a further detail: "The whole thing," Truzzu points out, "happened by chance one day before the deadline for submitting the documents to me." Rather than a justification, "it appears to be a lame attempt to pick up the pieces, if not a blatant and involuntary admission of guilt," the councilor concludes.

But was investing with Credem worthwhile? "Comparing the terms offered by Banco di Sardegna (fixed-term deposit with a guaranteed 2.25% interest, guaranteed capital, zero costs) also shows that they were objectively more advantageous in every respect: returns, risk, costs, and future perspective."

The difference between the amount actually achieved with Credem (€1 million in returns and €200,000 in costs) and the amount that could have been achieved with Banco di Sardegna (€2.5 million in returns and zero costs) "seems, in light of accounting case law, to suggest a possibility of financial damage that deserves to be submitted to the competent authorities for assessment. Therefore, for the first time in my career, I find myself forced to submit an appropriate report to the ANAC and the Court of Auditors."

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