Over 41 years in prison combined, and damage claims approaching 63 million euros. These are the figures marking the approach to the conclusion of one of the most delicate trials in recent years for San Marino’s banking and financial system — the case linked to the Banca Cis affair, with thirteen defendants facing charges of criminal conspiracy.
As reported by San Marino Rtv, the requests from the Public Prosecutor’s Office (Procura del Fisco) and the civil parties have been presented before Judge Isabella Pasini. It marks a decisive stage in proceedings that have reconstructed a series of events which, according to the prosecution’s case, did not only concern the fate of a credit institution, but also the functioning of the bodies responsible for overseeing San Marino’s financial system.
The prosecution’s theory is that of a stable organisation capable of operating on multiple levels, with individuals placed in strategic positions and a clear objective: to favour the interests of Banca Cis, conceal its state of financial distress, and simultaneously protect the interests of financier Francesco Confuorti, identified as the bank’s main debtor.
According to the prosecution’s reconstruction, this was not simply a series of questionable banking operations, but an alleged organised scheme, carried out over time through appointments, nominations and decisions that allegedly made it possible to influence even the oversight bodies themselves.
The heaviest sentencing requests concern three central figures in the case. Prosecutor Roberto Cesarini has requested 5 years and 6 months’ imprisonment each for Banca Cis’s former chief executive Daniele Guidi, for financier Francesco Confuorti, and for the bank’s former majority shareholder Marino Grandoni.
According to the prosecution, these three were the main architects of a scheme structured in three stages. The first involved recruiting individuals willing to serve certain interests. The second involved keeping them, on an ongoing basis, within financial institutions and other strategic bodies. The third involved removing anyone who did not appear aligned with that project.
This system, the prosecution argues, allegedly made it possible to influence not only the decisions of the banks themselves, but also those of the bodies tasked with supervising them.
It is precisely this aspect that formed a significant part of the reconstructions presented during the civil parties’ closing arguments.
Among the episodes cited is the appointment of Wafik Grais as chairman of the Central Bank of San Marino (Banca Centrale di San Marino), despite the fact that, according to evidence presented during proceedings, he did not speak Italian. That decision was reportedly followed by further appointments considered functional to the alleged criminal scheme.
These included the appointments of Lorenzo Savorelli as director of the Central Bank, and of Filippo Siotto, Mirella Sommella and Ugo Granata to the Supervisory Coordination body (Coordinamento di Vigilanza).
For each of these five defendants, the prosecution has requested 4 years and 4 months’ imprisonment.
The same sentence has also been requested for Commissioner of the Law Alberto Buriani, to whom the prosecution attributes a role on the judicial side. According to the reconstruction presented in court, he allegedly contributed to the scheme by shelving proceedings that could have posed an obstacle, while promoting judicial initiatives deemed useful to achieving the group’s objectives.
The central point of the prosecution’s case is therefore the alleged influence exerted over multiple levels of San Marino’s system — from banking to supervision, right up to the judicial offices. This reconstruction will naturally need to be assessed by the judge, and no ruling has yet been issued.
Alongside the sentencing requests, there is another particularly weighty chapter: that of damages.
The civil parties have put forward claims totalling 62.8 million euros, accompanied by requests for substantial provisional awards — sums that could be granted at the time of the verdict, without waiting for the final determination of the overall compensation.
The Central Bank of San Marino has requested 10 million euros. The institution, represented by lawyers Tania Ercolani, Maria Selva and Filippo Cocco, emphasised the consequences that the alleged interference with its functions could have had on the financial stability of the entire Republic.
This would therefore not be merely a directly quantifiable economic loss, but also the repercussions that a compromised supervisory authority could have on confidence in the banking system.
Even higher, at 12 million euros, is the claim from the Excellent Chamber (Eccellentissima Camera), represented by lawyers Sabrina Bernardi and Simona Ugolini.
In this case, the claims also include non-pecuniary damages linked to the prestige and reputation of the State. The concern is the potential harm to the Republic’s image arising from the events under examination in the proceedings.
Cassa di Risparmio, meanwhile, has requested 10 million euros, through lawyers Alessandra Greco and Emanuele Nicolini.
The institution’s position is also connected to the case of Asset Banca, which was placed under special administration and subsequently acquired by Cassa di Risparmio — a transaction that, according to the reconstruction presented in court, forms part of the broader framework of the contested decisions.
Asset Banca, now in liquidation, has submitted the largest financial claim: 29.8 million euros. It is represented in the trial by lawyer Gian Nicola Berti.
To these figures must be added one million euros requested by Asset Banca’s former top executives, Stefano Ercolani and Barbara Tabarrini, represented by lawyer Alessandro Stolfi.
If granted, these sums would carry considerable economic weight. It must be stressed, however, that these are currently claims from the civil parties, not damages already awarded by the court. It will be up to the judge to decide whether, and to what extent, to uphold them.
Meanwhile, the prosecution has distinguished between the positions of the thirteen defendants, ultimately requesting acquittal for three of them.
For Marco Mularoni, Banca Cis’s former deputy director, a full acquittal was requested. For the other former deputy director, Emilio Gianatti, and for Raffaele Mazzeo, a member of the Central Bank’s Supervisory Council in 2018, the request is instead for acquittal on the grounds of insufficient or contradictory evidence.
This is a significant distinction, as it shows that the prosecution itself did not consider it possible to seek a conviction against all the defendants originally involved in the proceedings.
The trial is thus approaching the moment of decision, following proceedings that have addressed events which have deeply marked the recent history of San Marino’s financial sector.
On one side are the prosecution’s requests, describing an organisation capable of influencing appointments and decisions to protect specific economic interests. On the other are the defendants’ positions, for whom the presumption of innocence remains in place pending any final conviction.
Judge Isabella Pasini now has before her the alleged criminal responsibilities, the role attributed to each defendant, and the multimillion-euro claims put forward by institutions and parties who consider themselves harmed.
The ruling will have to determine which parts of the prosecution’s reconstruction found genuine confirmation in the evidence gathered during the trial.
