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Published March 24, 2020 | By Giacomino Nicolazzo
Giacomino Nicolazzo is one of Italy’s most beloved writers. Born and raised in Central Pennsylvania, he lives in a small village in Lombardy where he writes his books.
Now the reason I mention Renzi and the Chinese together is that strange things were also going on between the government's of Italy and China. A blind eye was being turned to the way the Chinese were buying businesses in the financial, telecommunication, industrial land fashion sectors of Italy’s economy, all of which take place in Milano.
To be brief…China was getting away with purchases and acquisitions in violation of Italian law and EU Trade Agreementswith the US and the UK…and no one in either of those countries (not Obama inthe US or Cameron in the UK) said a thing in their country’s defense. As amatter of fact, much of it was hidden from the public in all three countries.
In 2014, China infused the Italian economy with €5 billion through purchases of companies costing less than €100million each. By the time Renzi left office (in disgrace) in 2016, Chinese acquisitions had exceeded €52 billion. When the dust settled, China owned more than 300 companies…representing 27% of the major Italian corporations.
The Bank of China now owns five major banks in Italy…all of which had been secretly (and illegally) propped up by Renzi using pilfered pension funds! Soon after, the China Milano Equity Exchange was opened and much of Italy’s wealth was being funneled back to theChinese mainland.
Chinese state entities own Italy’s major telecommunication corporation (Telecom) as well as its major utilities (ENI andENEL). Upon entry into the telecommunication market, Huawei established a facility in Segrate, a suburb of Milano. It launched is first research Center there and worked on the study of microwaves which has resulted in the possibly-dangerous technology we call 5G.
China also now owns controlling interestin Fiat-Chrysler, Prysmian and Terna. You will be surprised to know that when you put a set of Pirelli tires on your car, the profits are going to China.Yep…the Chinese colossus of ChemChina, a chemical industry titan, bought that company too!
Last but not least is Ferretti yachts…the most prestigious yacht builder in Europe. Incredibly, it is no longer owned by the Ferretti family.
But the sector in which Chinese companies invested most was Italy’s profitable fashion industry. The Pinco Pallino, Miss Sixty, Sergio Tacchini, Roberta di Camerino and Mariella Buranibrands have been acquired by 100%.
Designer Salvatore Ferragamo sold 16% and Caruso sold 35%. The most famous case is Krizia, purchased in 2014 by Shenzhen Marisfrolg Fashion Company, one of the leaders of high-priced,ready-to-wear fashions in Asia.
Throughout all of these purchases and acquisitions, Renzi’s government afforded the Chinese unrestricted and unfettered access to Italy and its financial markets, many coming through without customs inspections.
Thousands more were allowed to enter and disappeared into shadows of Milano and other manufacturing cities of Lombardy, only to surface in illegal sewing shops, producing knock-off designer clothes and slapping ‘Made In Italy’ labels on them. All with the tacit approval of the Renzi government.
It was not until there was a change inthe governing party in Italy that the sweatshops and the illegal entry and departure of Chinese nationals was stopped. Matteo Salvini, representing the Lega Nord party, closed Italy’s ports to immigrants and systematically began disassembling the sweatshops and deporting those in Italy illegally.
But his rise to power was short-lived. Italy is a communist country…socialism is in the national DNA. Ways were found to remove Salvini, after which the communist party, under the direction of Giuseppe Conte, reopened the ports. Immediately, thousands of unvetted,undocumented refugees from the Middle East and East Africa began pouring in again.
Access was again provided to the Chinese, under the old terms, and as a consequence thousands of Chinese, them ajority from Wuhan, began arriving in Milano.
In December of last year, the first inklings of a coronavirus were noticed in Lombardy…in the Chinese neighbourhoods. There is no doubt amongst senior medical officials that the virus was brought here from China.
