Italian Prosecutors Launch Investigation into Genoa Transport Authority Bankruptcy

Prosecutors in Genoa, Italy have launched a formal investigation into the bankruptcy of AMT Genoa, the city's public transport authority, summoning three former executives on charges of bankruptcy facilitation and accounting fraud. The investigation is being conducted jointly with the Guardia di Finanza (Financial Police).

This case extends beyond simple corporate mismanagement, raising fundamental questions about local government oversight of public services and financial transparency in Italy's municipal enterprises.

The Summoned Executives and Charges

Prosecutors have summoned three individuals:

• Manuela Bruzzone, former director
• Enzo Sivori, former director
• Sabina Alzona, former director

All three served as board members of AMT Genoa and are currently represented by attorneys Andrea Andrei and Massimo Boggio.

The charges against them include bankruptcy facilitation, false accounting, and aggravation of bankruptcy conditions. These constitute serious economic crimes under Italy's Business Crisis Code (Codice della crisi d'impresa), with false accounting classified as an aggravated offense subject to enhanced penalties.

Investigation Origins: Media Reports and Whistleblowing

The investigation began in November 2024, triggered by media reports citing allegations from AMT Genoa's new board of directors. The new board accused former president Ilaria Gavuglio of serious management failures during her tenure, prompting immediate prosecutorial action.

Gavuglio was subsequently removed from her position, and this process brought AMT's historical financial management practices under intense scrutiny. Prosecutors Marcello Maresca and Chief Prosecutor Nicola Piacente are leading the investigation.

City of Genoa's Response and Court of Auditors Report

On November 29, 2024, the City of Genoa submitted a detailed internal investigation report to prosecutors. The report was delivered by Deputy Mayor Alessandro Terrile and Secretary General Pasquale Criscuolo, bearing the signature of Mayor Silvia Salis.

The city also submitted the same report to Italy's Court of Auditors (Corte dei Conti). This was a strategic decision to avoid potential administrative liability. If the city had been aware of problems but failed to act, it could face administrative responsibility later.

€200 Million Deficit and Rejected Bankruptcy Petition

Financial police seized and analyzed AMT Genoa's financial statements from 2020 through 2023, with 2023 being the last officially approved fiscal year. Based on this analysis, prosecutors filed for AMT's bankruptcy in December 2024, with accumulated losses estimated at approximately €200 million (roughly ₩300 billion).

However, Judge Chiara Monteleone rejected this petition. Instead, she authorized AMT to enter a 'negotiated crisis resolution procedure' (composizione negoziata della crisi). This Italian corporate rehabilitation system temporarily suspends creditor lawsuits, allowing the company to attempt financial normalization.

Upcoming Schedule and Critical Milestones

AMT Genoa is scheduled to approve its consolidated 2024 financial statements today (January 30, 2026). The first deadline for the court-authorized negotiation procedure is approaching on February 21.

These two dates will significantly impact not only AMT's future but also the investigation's trajectory. If the rehabilitation procedure fails, bankruptcy proceedings are likely to resume, which could affect criminal liability determinations.

Questions Raised by Public Transport Bankruptcy [AI Analysis]

This case exposes the fragility of financial management and oversight systems for municipal enterprises. The fact that a company operating essential public services like mass transit accumulated a €200 million deficit suggests that supervisory agencies' preventive inspection mechanisms were not functioning properly.

Other regional transport authorities across Italy are likely to face similar financial reviews going forward. This case is also expected to trigger institutional reform discussions aimed at strengthening public agency accounting transparency and clarifying board responsibility.

For Genoa citizens, direct impacts such as public transport fare increases or route reductions are concerning. Even if the negotiation procedure succeeds, restructuring appears inevitable.

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Under Article 27 of the Italian Penal Code, the presumption of innocence applies until final conviction.