The scandalous saga of betrayal, deception, and embezzlement has rocked the energy sector, with allegations of fraud and misappropriation involving millions of euros. At the center of this complex web of deceit is Francesco Mazzagatti, the chief executive of Viaro Energy and an Italian national embroiled in legal battles that span across continents, from London to Tehran.
Here’s a breakdown of the key events and allegations surrounding this contentious case:
- API’s Lawsuit: In a bold move, Viaro Energy’s former financial backer, Alliance Petrochemical & Investment (API), has taken legal action against Mazzagatti and Viaro’s chief financial officer, Francesco Dixit Dominus, in London. API alleges that Mazzagatti forged documents and faked bank statements to siphon off a staggering €143.8mn of company funds, potentially using some of the money to acquire a majority share in RockRose Energy.
- Dubious Business Dealings: Mazzagatti’s tenure at API was peppered with questionable decisions, including the incorporation of a new company, Alliance Petrochemicals Trading (APT), in Sharjah without the knowledge of API’s directors. The lawsuit claims that Mazzagatti orchestrated a sophisticated scheme in which customers paid into accounts controlled by him and Dixit Dominus, diverting funds meant for API’s business dealings with the Iranian company MHPC.
- Cover-Up Allegations: The lawsuit further alleges that Mazzagatti and Dixit Dominus obscured their misdeeds with false representations to the board, creating a façade of financial stability. They purportedly produced fake documents, including a fabricated bank statement, to mislead their colleagues about the company’s financial standing.
- RockRose Acquisition: The claims of impropriety extend to Viaro Energy’s acquisition of RockRose Energy, facilitated by a generous loan guarantee from Sheikh Zayed bin Surror bin Mohammed Al Nahyan. The lawsuit suggests that misappropriated funds were funneled into the £247mn purchase, casting a shadow of doubt over the deal’s legitimacy.
- Legal Wrangles: The legal quagmire deepens with Taqa, Abu Dhabi’s state-owned utilities company, entering the fray with a separate lawsuit against Viaro and Mazzagatti. Taqa alleges that RockRose declared dividends and sold assets without adequate provisions for liabilities, raising concerns about financial mismanagement.
In response to these grave accusations, Mazzagatti and Dixit Dominus vehemently deny any wrongdoing, painting a picture of a conspiracy orchestrated by a disgruntled former associate. They claim that third-party influences have tainted the narrative, shifting blame away from the true culprits.
As the legal battle rages on, the truth behind this elaborate financial scandal remains shrouded in mystery. With conflicting accounts and mounting evidence, the courts are poised to untangle the intricate web of deceit that has ensnared key players in the global energy industry. Only time will reveal the extent of the deception and the consequences that await those responsible for this audacious act of corporate malfeasance.
