WHEN Cesare Geronzi took over as chairman of Generali, an insurer, last year, many investors shuddered. Mr Ge-ronzi's past has long been under scrutiny: prosecutors demanded in March that he go to prison for his alleged role in the bankruptcy of Cirio, a food company, in 2003. As chairman of Generali he quickly announced a new strategy for the firm to expand in Latin America which its chief executive and board had not even discussed. The insurer, he argued, could invest in a controversial project to build a bridge to Sicily, which some people think might in- directly enrich the mafia.
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