Torre del Greco – In a verdict that marks a turning point in the troubled saga of the Deiulemar bankruptcy, the Court of Torre Annunziata has inflicted a financial blow on UBI Banca: €18,5 million in damages, plus interest and legal costs.
A ruling that not only rewards the tenacity of the bankruptcy trusteeship, but also lights a beacon of hope for thousands of Campanian savers, who have been waiting for years for justice after the collapse of a shipping empire that left deep scars on the Vesuvian economy.
The ruling, signed by Judge Valentina Vitulano and filed on October 27, leaves no room for doubt: UBI Banca has been held jointly responsible for the financial collapse of Deiulemar Compagnia di Navigazione SpA, one of the most sensational corporate crises in Southern Italy.
The bank, accused of facilitating shady financial transactions lacking adequate controls, must now pay out a monstrous sum that could be the first real breath of fresh air for its creditors.
"We fully support the receivership's requests," reads the official statement from the receiver, which emphasizes how this first-instance decision opens the door to a series of appeals against other credit giants still under judicial scrutiny.
To understand the weight of this ruling, it's helpful to rewind to the origins of the disaster. It was 2012 when Deiulemar, once the flagship of the Italian merchant fleet with global routes and thousands of jobs, imploded under the weight of a financial hole amounting to hundreds of millions.
Bonds issued to finance ambitious expansions turned out to be a mirage: savers, mostly families from the Phlegraean and Vesuvian areas, lost their hard-earned savings in what was called "the Parmalat of the sea".
The Torre Annunziata Public Prosecutor's Office conducted a thorough investigation, uncovering a web of banking irregularities that, according to the prosecution, had ignored warning signs to inflate business volumes.
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The receivership, led by a team of lawyers including Lelio Mancino, has orchestrated a relentless judicial counteroffensive. This ruling against UBI is not an isolated case: it is part of a mosaic of pending cases involving other institutions, accused of turning a blind eye to loans granted without collateral or of promoting bond issues aimed at retail customers without the necessary transparency.
"This is a pronouncement of great legal and symbolic significance," Mancino explains. He adds, "It confirms that the banking system can no longer hide behind technicalities: responsibility is both personal and collective when gambling with other people's savings." The impact goes beyond the numbers.
For the approximately 12 creditors—pensioners, artisans, and small investors who saw their dreams of a secure return vanish—this victory represents a glimmer of hope in a tunnel that has lasted over a decade. The funds, once final, could be distributed pro-rata, at least partially alleviating the plight of those who have lost everything.
But the Curatorship isn't stopping there: "Updates on ongoing litigation will follow," the statement promises, suggesting that 2025 could be a year of reckoning for the entire sector.
And here comes the most bitter warning: the Deiulemar case is not just a chapter in the judicial news, but a case study for jurists and policymakers. In an era of fintech and inclusive finance, the ruling reminds us of the urgent need to strengthen the supervisory mechanisms of the Bank of Italy and Consob.
"Transparency and oversight are not optional, but rather bulwarks against abuses that affect the most vulnerable," thunders Mancino, evoking a credit system that, in the name of profit, has often put corporate interests ahead of those of the community. While UBI Banca is considering appeals—and with them, presumably, its shareholders—the Campania justice system is running at full speed.
For the savers of Pozzuoli, Quarto, and the surrounding areas, this is more than a ruling: it's a cry for revenge against an injustice that has affected generations. Deiulemar, once synonymous with maritime pride, could rise from its ashes not as a fleet, but as a symbol of accountability. And while justice is slow, today it has proven it isn't blind.
Comments (1)
It's important that this ruling can lead to change in the Italian banking system, but it must be said that the consequences will be long-lasting and difficult for savers to manage. We hope the situation is resolved as soon as possible.