The Lovato agricultural cooperative where Satnam Singh died received 849 thousand euros in state-guaranteed funding in three years

The Agrilovato cooperative where poor Satnam Singh worked, the Indian worker who died from injuries caused by an agricultural machine that caused his arm to detach, received three loans between December 31, 2020 and May 31, 2023 for a total of 849,526.26 from Banca del Mezzogiorno MedioCredito. Central with full State guarantee on the basis of the liquidity decree of April 8, 2020 to deal with the Covid crisis.

In 2023 the last disbursement is a donation of 1,423 euros

According to the national state aid register, the total amount of the three loans requested by the cooperative was classified as an “aid element”. Subsequently, on July 21, 2023, the same bank granted another loan to Agrilovato in the amount of 60 thousand euros, of which the classified aid element, however, amounts to 1,423.87 euros. The money always arrived after a formal request to the bank with a letter sent to MedioCredito Centrale according to Covid regulations which made no distinction between business and enterprise and did not provide for exclusions even when its managers, as in the case of the owner Renzo Lovato, were involved in legal proceedings for illicit intermediation and labor exploitation.

Debts to MedioCredito Centrale still amount to 559 thousand euros

As of December 31, 2023, according to what emerges from the balance sheet of the Agrilovato cooperative, the debt with the banks still amounts to 559,193 euros, all backed by real guarantees, those of the Italian State. Part of the funding received should therefore have been reimbursed later, even if the largest percentage remains included in the budget. With the full guarantee of the State, if this money was not returned by the company, it would weigh on the public accounts.

The Lovatos charge 1.47 million but only have 1,418 euros in their budget for severance pay

In the latest balance sheet of the cooperative chaired by Renzo Lovato and of which his son Antonello is also a director, personnel costs still amount to 150,559 euros against a turnover of 1.47 million euros. However, this is a drop compared to the 223,471 euros of the previous year because probably someone was fired: in fact, during the year, the amount of the TFR was reduced by 3,707 euros . However, very little remains: 1,418 euros in total, intended for regularly employed workers, the amount of which is however not indicated.

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