As a devoted cinephile with a deep affection for the history and magic of Cinecittà Studios, I find myself anxiously following the recent developments surrounding its financial crisis. Having grown up watching countless films shot within these hallowed walls, I can’t help but feel a sense of nostalgic concern as I read about the potential demise of this cinematic treasure.
On Monday, there was another crucial gathering concerning the ongoing financial difficulties at iconic Cinecittà Studios in Rome. This time, it included representatives from the Italian Treasury, who own the studios, and the Culture Ministry, who oversee their operations.
According to insiders, The Hollywood Reporter Roma was informed that a crucial two-hour shareholders’ meeting held on Monday night addressed Cinecittà’s ongoing financial predicament and agreed upon immediate measures intended to rescue this iconic Roman institution.
Insiders at Cinecitta are predicting that this year’s financial losses could deplete the entirety of their share capital, pushing them towards technical bankruptcy. To prevent this, they may need a cash infusion from the government.
The shareholders debated a potential financial rescue for the company, estimated to exceed 20 million euros ($21 million) for the government and consequently Italian taxpayers. Despite this, they chose to postpone such action until March, when the final, audited accounts of the company will be finalized and authenticated by an external auditor. In the interim, the meeting acknowledged the importance of revising and re-presenting the company’s 2023 financial statements as well.
Over a week ago, I learned that some inconsistencies were found in Cinecittà’s 2023 financial statement. Since then, PriceWaterhouse Coopers was brought in for an independent review. Last Monday, we, the shareholders, received their findings which suggest that we need to resubmit Cinecittà’s 2023 accounts. This revision seems likely to change our previous profit reporting to a loss instead.
On Monday evening in Rome, a meeting extending past usual work hours, concluding after nine o’clock, was planned to debate the question of whether to initiate legal proceedings against Nicola Maccanico, the previous CEO of Cinecittà. However, the shareholders opted to postpone discussing this sensitive issue until Thursday. Maccanico has been criticized for negligence and allegedly attempted to hide financial losses at Cinecittà in 2023.
Following an inquiry by THR Roma recently, Maccanico responded through text messaging: “I’ve already expressed everything I needed to…At this point, it isn’t the right time for me to discuss this matter.
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2024-12-10 01:54