Hard times for Bio-on
Type of post: NEWS.
Bio-on, one of the leading companies of the PHAs
(polyhydroxyalkanoates) market, is not having an easy time at the moment. The
investigation for false corporate communications and manipulation of the market
of the Bologna Public Prosecutor endangers the business continuity of Bio-on. Its
employees are committed to sustain the PHAs technology development project
despite the difficult corporate moment.
Last press releases about the Bio-on crisis:
Figure 1. PHA production plant in Castel San
Pietro Terme
The Italian company, focused on the bioplastic
sector and listed on the AIM segment of Borsa Italiana, opened
a commercial PHA production plant in Castel San Pietro Terme in the summer of
last year. The site is also the headquarters of CNS division laboratories
(Cosmetic, Nanomedicine & Smart Materials) which employ over 20 researchers
and can test new carbon sources from agricultural waste to produce new types of
biodegradable bioplastic. It is one of the most promising companies of the
Italian bioeconomy.
On October 24th, Bio-on announced
that the headquarters and administrative, operational and secondary units of
the company had been subject to searches and probative seizure of documents, as
part of an investigation carried out by the Public Prosecutor of Bologna against
the members of the Board of Directors and of the Board of Statutory Auditors of
the company. In particular, in acceptance of the requests made by the Public
Prosecutor, the Judge for the preliminary investigations at the Court of
Bologna ordered the precautionary measure of house arrest against the President
of the Board of Directors and the interdiction from the exercise of
administrative functions and control towards the Director and the Chairman of
the Board of Statutory Auditors. The document acquisition activity was carried
out with the full collaboration of all the company's representatives. On October
29th, Bio-on confirmed that the President of the Board of Directors had
resigned from all his positions in the company.
According to the press releases, Bio-on is making efforts
to identify the most appropriate solutions to overcome this difficult moment
and ensure a future for the production of its bioplastics. I hope that the company
can redirect the situation and that all its human talent and resources can continue
working on the development of this clean technology in an economically
sustainable way.
