Bio-On’s Marco Astorri has resigned

Following the resignation, Astorri’s lawyers petitioned the court to have the former company boss’s house arrest replaced by a less stringent measure, as the need for a precautionary measure of such harshness has now been eliminated.

During a court appearance two days ago, Astorri availed himself of the right not to answer, although he reserved the right to “request as soon as possible an interrogation to the prosecutor, in which a technical memorandum will be filed to refute the accusations that have been made against him.”

Bio-on vice-president Guy Cicognani also declined to answer the questions of the court, although the chairman of the board of statutory auditors, Gianfranco Capodaglio, apparently did cooperate with the interrogation.

The concern is now for the fate of Bio-on’s employees. The plant is still running, however, uncertainty about the production and employee wages is rampant. The plant is being run by an official appointed by the court. With the welfare of the employees in mind, the trade unions will ask for a meeting with the administrator appointed by the court as soon as possible.

With the collapse of Bio-on, stockholders and small investors have watched their holdings go up in smoke. Several thousand small investors who are now considering a class-action suit in an attempt to be able to recover at least part of their losses. The City of Bologna, too, who, in the past had supported Bio-on, has also declared its readiness to take whatever steps are necessary to protect itself.

Meanwhile, the company has issued a statement in which it stated that “Bio-On and all its employees are committed to giving continuity to the PHAs technology development project despite the difficult corporate moment.”

Source

Bioplastics MAGAZINE, 2019-10-30.

Supplier

Bio-on

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