The Comitato Risparmiatori Piccoli Azionisti Parmalat, shortly renamed “CRIPAP”, is a non-profit Committee established under the italian law in 2006 thanks to the initiative of some small shareholders involved in the default of Parmalat Finanziaria S.P.A., happened in December 2003.
The Committee, based in Rome, is opened to the participation of the thrifty people, in particular small shareholders that currently have not received any acknowledgment, neither economic or formal, of their own rights in the vicissitude that represents the largest financial crack of the Italian history and involved thousands of shareholders and bondholders worldwide.
Judicial vicissitudes are still in progress in Italy and USA; facts demonstrate that the property and management of Parmalat during the decade previous December 2003 (and beyond) may be responsible of serious crimes, hardly damaging the community of small share/bondholders. Also the behaviour of financial institutions and intermediaries is under judgement, being probably corresponsible in the final defeat and miscommunications to the weakest part of the Parmalat stakeholders community.
For the above reason, the Committee mission is taking care of the judicial and corporate developments of the Parmalat case in order to verify and eventually take in charge collective actions, in Italy or USA, finalized to the formal acknowledgment of the damage caused to those people and recover their losses. Most of them lost savings of an entire life.
The Committee has been created in order to represent its members in the competent centers of interest (institutional/politics, law, media) with a scope of groupwork and common interest, facilitating communications with the other Parmalat stakeholders and defend their rights for an independent information about the current situation, evolving everyday.
The Committee is born from the necessity, found from some members of the group of small shareholders sharing the economic and psychological weight of a long battle for the acknoledgement of their betrayed rights, to make their overall activities more visible and organized through a formal acknowledgment and a closer group coordination.
The Committee associates exclusively the thrifty people who have been enduring a damage in the Parmalat vicissitude.
The CRIPAP Directive Council volountarily coordinates the activities of the Committee and takes advantage from competencies of professionals and lawyers experts of consumer/savers protection from fraud; it acts on different channels and define conventions and models of collaboration aiming at cooperating transparently and reducing costs in charge of its own members, already widely hit on their patrimonial side.
