The case, explained
Visibilia Case: Between Disputed Balance Sheets and Parliamentary Immunity
6 min read · Updated August 2026 · Editorial oversight: Avv. Federico Papa
The judicial matter known as the Visibilia case reached a turning point in May 2026, with the continuation of the first-instance trial before the Court of Milan and a delicate pending ruling from the Constitutional Court. According to reports in the national press, the proceedings concern alleged corporate governance and disclosure irregularities that took place between 2016 and 2022, involving the top management of a well-known listed publishing group. By examining the prosecution's arguments and defense strategies, this article analyzes the implications of the crime of false accounting and the management of public funds during the pandemic emergency. In the final part of the discussion, an anonymized twin case will be presented to illustrate the technical dynamics of the trial without interfering with ongoing news reports.
In brief
The Visibilia case enters a crucial phase with a dual request for indictment against Daniela Santanchè, accused of false accounting and aggravated fraud against INPS. According to reports from Rai News and Il Fatto Quotidiano, the Milan Prosecutor's Office alleges accounting irregularities spanning several years. Despite the gravity of the charges, the principle of presumption of innocence remains intact until a final verdict, while the decision of the Preliminary Hearing Judge on whether to proceed to trial is awaited.
The fact
According to reports by outlets such as Il Sole 24 Ore, Ansa, and La Repubblica, the Visibilia case centers on Daniela Santanchè, investigated and later indicted in her capacity as former chairperson and shareholder of the group.
The first line of inquiry concerns false corporate communications: the prosecution claims that between 2016 and 2022, the financial statements were manipulated by inflating the value of goodwill and websites to hide losses and avoid insolvency. The second line alleges aggravated fraud against INPS for the undue receipt of Covid redundancy funds for employees who allegedly continued to work.
As of May 2026, the first-instance trial is ongoing in Milan, but the fraud investigation is affected by a conflict of powers raised by the Senate before the Constitutional Court regarding the use of the senator's emails without prior authorization.
The legal framework
At the heart of the matter lies Art. 2622 of the Italian Civil Code, which regulates false corporate communications in listed companies. This provision sanctions directors who, with intent to secure an unjust profit, present untrue material facts in financial statements, misleading the recipients of corporate disclosures.
Regarding the social security aspect, Art. 640, paragraph 2, no. 1 of the Criminal Code (aggravated fraud for obtaining public funds) applies, punishing those who obtain state contributions through deception. In civil proceedings, Arts. 2392 and 2394 of the Civil Code apply concerning directors' liability for mala gestio and damage caused to creditors and corporate assets.
The jurisprudence
The jurisprudence of the Supreme Court has clarified that false accounting can also occur through appraisal estimates (so-called evaluative falsehood), provided the criteria used are patently unreasonable or arbitrary and undisclosed. The established view is that the specific intent must be aimed at obtaining an unfair profit or deceiving shareholders and the public.
Regarding the liability of non-executive directors, the court has reiterated that the duty to act in an informed manner requires intervention in the presence of clear warning signs, as a board member cannot simply claim ignorance of management decisions approved by the board.
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What it teaches professionals
First, the importance of supporting valuations of intangible assets with independent appraisals and full disclosures in the notes to financial statements to prevent allegations of fraud. Second, the necessity of implementing compliance protocols ensuring clear traceability of actual employee attendance during redundancy periods.
Third, for legal counsel, the critical role of constitutional safeguards in criminal proceedings, particularly regarding the admissibility of electronic correspondence protected by institutional privileges.
Developments: the request for indictment
The Milan Public Prosecutor's Office has officially requested the indictment of Tourism Minister Daniela Santanchè and 16 others involved in the Visibilia group's false accounting investigation. As reported by news outlets such as Il Fatto Quotidiano and Rai News, prosecutors allege that between 2016 and 2022, irregular accounting maneuvers were implemented to hide losses that would otherwise have required the company's liquidation. La Stampa highlights that this step follows the conclusion of preliminary investigations last April. In accordance with the constitutional principle of presumption of innocence, the Preliminary Hearing Judge (GUP) must determine whether the evidence collected justifies proceeding to trial or if a judgment of non-suit should be issued. This development runs alongside the separate investigation into aggravated fraud against INPS, for which a trial request is also pending.
References: Articolo 2622 Codice CivileArticolo 640 comma 2 n. 1 Codice PenaleArticolo 2639 Codice CivileArticolo 68 Costituzione ItalianaArticolo 2392 Codice Civile
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Frequently asked questions
What are the penalties for false accounting in listed companies?
According to Art. 2622 of the Civil Code, the statutory penalty for directors presenting untrue material facts to achieve an unfair profit is imprisonment from 3 to 8 years.
What happens if digital evidence is acquired without parliamentary authorization?
If the Constitutional Court finds a violation of Art. 68 of the Constitution, the evidence unlawfully acquired is declared inadmissible in the criminal proceedings.
Is there a statute of limitations for corporate crimes related to old balance sheets?
Yes, limitation periods depend on the maximum statutory penalty and procedural interruptions; for older acts, there is a concrete possibility of the crime expiring if proceedings suffer length delays.
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