The connection between Banco Ambrosiano and ENI (Ente Nazionale Idrocarburi) is primarily rooted in one of Italy’s most notorious political and financial scandals of the 1980s, involving the Propaganda Due (P2) masonic lodge and the illegal funnelling of funds.
The ENI-Ambrosiano Scandal
The relationship centered on a “slush fund” created through complex financial maneuvers between the state-owned energy giant and the private bank:
- Illicit Commissions: In the late 1970s and early 1980s, ENI reportedly paid massive, illegal commissions to Banco Ambrosiano subsidiaries.
- The “Protections” Fund: These payments, often disguised as fees for international oil deals or loans, were allegedly intended to create a secret fund to bribe Italian politicians and finance the P2 masonic lodge, led by Licio Gelli.
- Political Fallout: The discovery of these links led to the resignation of senior ENI executives and contributed to the collapse of the Forlani government in 1981 after the P2 membership lists were discovered.
Key Figures and Mechanisms
- Roberto Calvi: The chairman of Banco Ambrosiano (known as “God’s Banker”) who orchestrated the bank’s expansion and its opaque relationship with state entities like ENI.
- Licio Gelli: The head of the P2 lodge, who acted as a power broker between the bank and state-owned industries to secure political influence.
- Offshore Subsidiaries: The funds were typically moved through a labyrinth of shell companies and offshore branches in Luxembourg and Nassau to evade Italian currency controls and oversight.
Outcome
The scandal was a major factor in the eventual collapse of Banco Ambrosiano in 1982, following the suspicious death of Roberto Calvi in London. It remains a landmark case in Italian history, illustrating the deep ties between high finance, state-owned enterprises, and secret political societies.
The ENI-Ambrosiano scandal implicated several of Italy’s highest-ranking political figures, primarily from the Italian Socialist Party (PSI) and the Christian Democratic Party (DC).
Primary Political Figures
Bettino Craxi (PSI): The former Socialist Prime Minister was a central figure in the Mani Pulite (Clean Hands) investigations. He was indicted for fraudulent bankruptcy related to the bank’s collapse and sentenced in absentia for accepting billions of lire in illegal contributions.
Claudio Martelli (PSI): Former Minister of Justice who was forced to resign in 1993 after it was revealed he was a beneficiary of the “Protezione account”, a Swiss bank account used to funnel $7 million from Roberto Calvi to the Socialist Party. He was later convicted of fraudulent bankruptcy.
Giulio Andreotti (DC): Though never officially convicted in this specific case, the seven-time Prime Minister was frequently named by witnesses (including Licio Gelli’s secretary) as the secret head or “true boss” of the P2 lodge that coordinated these payments.
Arnaldo Forlani (DC): Serving as Prime Minister when the P2 membership lists were discovered in 1981, his entire cabinet was forced to resign due to the number of ministers implicated.
Key Institutional Figures
- Florio Fiorini & Gabriele Cagliari: Top ENI executives who authorized the diversion of ENI funds into slush funds for political parties.
- Licio Gelli: The Grand Master of the P2 Lodge who acted as the liaison between the bank, ENI, and the political elite.
- Silvano Larini: A close associate of Craxi and Martelli who held the Protezione account in his name to receive kickbacks.
- Leonardo Di Donna: Former Vice President of ENI who was convicted for his role in diverting ENI liquidity to Banco Ambrosiano.
The “Protezione” Account Mechanism
The core of the legal evidence centered on Account 63369 (the Protezione account) at the Union Bank of Switzerland in Lugano:
- ENI deposited funds into Banco Ambrosiano.
- Roberto Calvi transferred $7 million of that money to the Swiss account.
- The funds were used to finance the PSI and individual political leaders. La Gazzetta del Mezzogiorno +2
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