Financial Crisis and Conflicts of Interest at the Costa Paradiso Community Territory: Debt Nears €4 Million Due to Complaints and Alleged Irregularities

Costa Paradiso, September 14, 2025 – The Costa Paradiso Community Territory is in the midst of a serious financial and management crisis, with total debt reaching €3,702,390. A technical-legal report warns of “concrete risks of forced liquidation,” an accusation that is intertwined with serious allegations of conflicts of interest and opaque management by the current Board of Directors (BoD), led by President Emanuele Pileri.

The main critical points emerging from the 2022/2025 financial statements include:
Debts to Abbanoa: The debt to the water utility exceeds € 1.8 million. The Board of Directors is accused of allowing Abbanoa to seize € 640,481, an act that paralyzed the community’s liquidity and which, according to the complaints, could have been avoided.

Evaporated sewerage funds: The € 1,702,077 paid by participants since 2016 for the sewerage expansion have not been returned. The Board of Directors has admitted that the project will not be completed, and the funds, which should have been held in an escrow account, have been spent or committed elsewhere and now appear in the budget as a community debt.

Water losses: The report highlights a 72% increase in water losses in a single year, from € 259,000 to € 446,316, without significant investments in network maintenance.

President Pileri’s Alleged Conflicts of Interest
The report by the Institutional Authority’s Spokesperson, Pasquale Ferrara, raises questions of an “inadmissible conflict of interest” involving the Chairman of the Board of Directors, Emanuele Pileri:
Pileri Service SAS and Club Nautico Costa Paradiso: President Pileri is connected to “Pileri Service SAS,” a dinghy rental company, and personally renegotiated the lease for 160 square meters in favor of this family business. He also renegotiated the lease for
Club Nautico Costa Paradiso, a facility connected to Giorgio Fadda, President of the Board of Representatives (CDR). This situation is defined as a “shameless conflict of interest.”

Condominium administration and “illegal kiosk”: President Pileri manages condominiums within the Community. An “illegal kiosk bar” attributable to him is also mentioned.

The documentation notes that the Board of Representatives, despite its oversight role, approved the budget without raising objections regarding water losses, debt, and sewerage funds.

The report concludes that financial issues and alleged conflicts of interest raise suspicions of a governance system that favors personal interests to the detriment of the community. The situation requires urgent and transparent action by all stakeholders to avert serious legal and financial consequences.

Report on the Administrative and Financial Management of the Costa Paradiso Community Territory (2022-2025)
Analysis of the Financial Statements and Main Critical Issues
This report is based on the information contained in the title page of a technical-legal report and a document by Pasquale Ferrara, Spokesperson for the Institutional Authority, dated July 18, 2025. The analysis of the 2022-2025 three-year financial statements of the Costa Paradiso Community Territory (Board of Directors – Emanuele Pileri, President) highlights a seriously critical financial and management situation.

The main problems identified in the financial statements are:
Total debt: The Community has a total debt of € 3,702,390.
Debts to Abbanoa: The debt to the water utility amounts to over € 1.8 million. The situation is exacerbated by the seizure of € 640,481 in assets, a circumstance that has paralyzed the community and which, according to the report, could have been avoided.
Sewer Reimbursement: Approximately € 1.7 million paid by participants since 2016 for the expansion of the sewer system has not been repaid. The Board of Directors has admitted that the project will not be completed, and the funds, which should have been earmarked, have been spent elsewhere, becoming a debt for the community.
Water Leaks: Water leaks increased by 72% in one year, reaching € 446,316, without any investment in routine maintenance of the networks.

Unacceptable Conflict of Interest
Pasquale Ferrara’s report denounces specific and serious conflicts of interest involving the Chairman of the Board of Directors, Emanuele Pileri, and other members of the Board of Directors and the Board of Representatives (CDR).

Chairman of the Board of Directors, Emanuele Pileri
President Pileri’s alleged conflicts of interest are numerous and concern his relationships with businesses within the Community:

Pileri Service SAS: Emanuele Pileri is connected to this company that rents dinghies on Costa Paradiso. He himself, as Chairman of the Board of Directors, renegotiated the lease for 160 square meters in favor of a business owned by his family.
Club Nautico Costa Paradiso: President Pileri renegotiated the lease (for 4,500 square meters) of the Club Nautico, a facility connected to Giorgio Fadda, who serves as Chairman of the Board of Directors. The report defines this situation as a “blatant conflict of interest.”
Condominium Administration: President Pileri manages condominiums within the Community, a role the report defines as an “inadmissible conflict of interest.”
“Illegal Kiosk Bar”: The document refers to an “illegal kiosk” near the former Hotel Li Rosi Marini, traced to President Pileri.
The report emphasizes how the Board of Representatives, chaired by Giorgio Fadda, approved the budget without raising objections, despite the existence of these problems and conflicts.

Conclusions
The Community’s financial management, as outlined in the analyzed documents, demonstrates serious inefficiencies and a lack of transparency, with significant debt and the threat of possible forced liquidation. The alleged conflicts of interest of President Emanuele Pileri and other members of the Board of Directors and the Board of Directors highlight a governance system that, according to the report, favored personal interests at the expense of those of the community. The situation requires urgent and concerted action by the owners to restore the Community’s transparency and financial stability.

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link Rimborso Acconto Fognatura 2016: Evitare la Prescrizione

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ARTICOLI E FOTO CORRELATI
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In copertina a sinistra Emanuele Pileri

EMANUELE PILERI e STEFANO ANGELI – BILANCIO 2022/2025 SOTTO ACCUSA

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Costa Paradiso News
Informazione al servizio del territorio dal 2013
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COSTA PARADISO BOARD OF DIRECTORS – NO MORE OBSCURE AND UNPREPARED BOARDS

Technical Report with Legal Opinion
Costa Paradiso Community Territory Debt Situation – Technical Report and Legal Opinion

Dear Owners,
We hereby submit the Technical Report with Legal Opinion relating to the 2024/2025 budget of the Costa Paradiso Community Territory, which highlights a total debt of €3,702,390.

The main critical issues concern:
– Debts to Abbanoa amounting to over €1.8 million;
– Reimbursement of the first advance payment for the 2016 sewerage expansion of €1.7 million is still pending;
– Additional debts to suppliers and minor items;
– Liquidity seizure: judicial lien on €640,481 deposited;
– Water losses: 72% increase in one year (from €259,000 to €446,316);
– Board of Directors management: characterized by late interventions and a lack of strategic vision.

The legal opinion shows that, while the Community is not technically subject to bankruptcy, the current situation poses a concrete risk of forced liquidation and the possibility of additional extraordinary contributions being paid by the owners.

For this reason, each participant is encouraged to review the attached report and actively participate in upcoming assembly initiatives, so that shared and timely solutions can be found to protect the rights of all owners.

Report on the Administrative and Financial Management of the Costa Paradiso Community Territory (2022-2025)
Analysis of the Budget and Main Critical Issues

This report is based on the information contained on the title page of a technical-legal report and on a document by Pasquale Ferrara, Spokesperson for the Institutional Authority, dated July 18, 2025.

The analysis of the 2022/2025 three-year budget of the Costa Paradiso Community Territory (Board of Directors – Emanuele Pileri President) highlights a seriously critical financial and management situation.

The main problems identified in the budget are:
• Total debt: The Community has total debt of €3,702,390.
• Debts to Abbanoa: The debt to the water utility amounts to over €1.8 million. The situation is exacerbated by the seizure of liquidity for
€640,481, a circumstance that paralyzed the community and which, according to the report, could have been avoided.
• Sewerage Reimbursement: Approximately €1.7 million paid by participants since 2015 for the expansion of the sewer system have not been repaid. The Board of Directors has admitted that the project will not be completed, and the funds, which should have been earmarked, appear to have been spent elsewhere, becoming a debt for the community.
• Water Leaks: Water leaks increased by 72% in one year, reaching €446,316, without any investment in routine network maintenance.

Unacceptable Conflict of Interest
Pasquale Ferrara’s report denounces specific and serious conflicts of interest involving the Chairman of the Board of Directors, Emanuele Pileri, and other members of the Board of Directors and the Board of Representatives (CDR), Chairman Giorgio Fadda.

President Pileri’s alleged conflicts of interest are multiple and concern his relationships with economic activities within the Community:
• Pileri Service SAS: Emanuele Pileri is connected to this company that rents dinghies in Costa Paradiso. He himself, as Chairman of the Board of Directors, renegotiated the lease for 160 square meters in favor of a business linked to his family.
• Club Nautico Costa Paradiso: President Pileri renegotiated the lease (for 4,500 square meters) of the Club Nautico, a facility connected to Giorgio Fadda, who holds the position of Chairman of the Board of Directors. The report defines this situation as a “shameless conflict of interest.”
• Condominium Administration: President Pileri manages condominiums within the Community, a role the report defines as an “inadmissible conflict of interest.”
• “Illegal Kiosk Bar”: The document refers to an “illegal kiosk” near the former Hotel Li Rosi Marini, traced back to President Pileri.

The report highlights how the Board of Representatives, chaired by Giorgio Fadda, approved the budget without raising objections, despite the presence

Conclusions
The Community’s financial management, as outlined in the documents analyzed, shows serious inefficiencies and a lack of transparency, with significant debt and the threat of possible forced liquidation. The alleged conflicts of interest of President Emanuele Pileri and other members of the Board of Directors and the Committee of Directors highlight a governance system that, according to the report, favored personal interests over those of the community. The situation requires urgent and concerted action by the owners to restore the Community’s transparency and financial stability.

(link) Costa Paradiso, August 8th Assembly: A Contested Board of Directors

(link) Costa Paradiso Board of Directors: Financial Responsibility

(link) Reimbursement of Sewerage Payment 2016: Avoiding the Prescription Statute of Limitations

(link) Costa Paradiso: The financial crisis. Beyond the Blame, a Solution for Everyone