For the Five Star Movement, for Giuseppe Conte and for the entire broad field, the fight against tax evasion has always been a programmatic cornerstone. An identity issue to counter the right-wing slogans about lowering taxes and the usurious tax system. But, thanks to the financial statements published yesterday on the Chamber of Commerce website, it emerges that former Prime Minister Conte has the “enemy” at home. In fact, the former People’s Lawyer lives in an apartment owned by Immobiliare di Roma Splendido, a company of his partner Olivia Paladino, which has a debt to the Treasury of 22.064 million (23.6 in 2024), while the rent for the residence is paid by another company of the holding, Unione esercizi alberghi di lusso (Uneal), which has accumulated as much as 33.58 million in tax debts (30.76 in 2024). The company that should merge with Splendido, based on a recent merger project, Agricola Monastero Santo Stefano Vecchio, has seen its debts to the Treasury grow from 1.7 million to 3.6, more than double.
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In total, these are over 59 million in tax debts. Added to these are social security debts: 2.35 million from Uneal (1.71 in 2024), 875,000 from Splendido (1.47 in 2024), and 167,000 from Agricola (166,000 in 2024). For a final total of about 62.6 million in debts with the tax authorities and social security institutions. This does not mean that all are overdue or immediately collectible. The financial statements show installments and guarantees. However, the size of the exposure remains considerable. And it raises a legitimate question: what portion of those 62.6 million is currently regularly in installments, which is overdue, and what actions have the public creditors taken? Saying that the Revenue Agency-Collection has remained completely passive would be incorrect. For example, Uneal’s financial statement shows a mortgage registered on a property in via della Camilluccia for contribution debts. But there is an even more impressive number in the accounts. Adding up the debts recorded in the financial statements of the three companies (including intercompany debts) goes from 85.7 million in 2024 to 123.4 million in 2025. Almost 37.7 million more liabilities in twelve months, about 44 percent.
Uneal goes from 40.17 to 43.92 million, Agricola from 19.49 to 25.30 million, but the biggest jump is that of Splendido: from 26.06 to 54.23 million. More than double. Scrutinizing the new financial statements, the apparently best news comes from Uneal, the company that manages the Plaza and, according to Libero, pays the rent for the Conte-Paladino house. As anticipated yesterday by Open, after a loss of about 3.7 million in 2024, the 2025 financial statement closes with a profit of 8.89 million. The hotel business also shows a significant recovery: revenues of 10.49 million euros were recorded. Can we talk about a turning point for Uneal? Probably not. In fact, reading the explanatory notes carefully, it is discovered that the company accounts for a capital gain of 5.764 million from the sale of artworks, another of 1.380 million from the sale of trademarks, and another 3.254 million from the sale of the entire stake held in Sorelle Fontana alta moda. And to whom was it sold? To Immobiliare Splendido, realizing yet another intercompany operation.
In total, these are over 10.39 million in capital gains, which immediately produced their effect on Uneal’s income statement, although the related financial consideration, as of December 31, was still largely to be collected. Also because on the other side of the table is Splendido, which on the same date had 148 euros in liquidity. Not 148 thousand, 148 euros. Particularly interesting is the capital gain related to the stake in Sorelle Fontana. As of December 31, 2024, Uneal held 70 percent of the historic Roman maison. The stake was recorded in the financial statements for just 18,022 euros. Now that same share, inside Splendido, has seen its value rise to about 6 million euros. A significant increase in the valuation of a stake had already been recorded with the sale, reported yesterday by Libero, of a share of Immobiliare Splendido, exchanged between two other group companies: Archimede immobiliare and Colle Rao. Two twin operations carried out without a real and immediate cash outflow.
Of course, we have no elements to claim that the capital gains are fictitious, nor to hypothesize crimes. If a company records a credit, there must be a counterpart that records a debt. In the end, it is Immobiliare Splendido that declares the most visible worsening in its financial statements. Debts to suppliers went from just 62,845 euros to 11.01 million; those to controlled companies from 714 thousand to 6.71 million; other debts from 127 thousand euros to 13.50 million. For a total of 54.23 million. At the same time, Splendido lost another 4.85 million. Agricola is not doing much better, which, in 2026, should incorporate four other group companies. The company closed 2025 with a negative net equity of 16.07 million, debts of 25.30 million, and just 12,403 euros in liquidity. The result is that the company, on paper, most fragile has become the one that must survive. On February 12, 2026, Agricola was placed in liquidation, but according to the new project, filed at the end of July, it should incorporate Immobiliare di Roma Splendido, Archimede Immobiliare, Agricola Andromeda, and Colle Rao.
In recent months, the position of former partner Shawn Shadow, half-brother of sisters Olivia and Cristiana, has also changed, liquidated by them with the promise of a nice sum. In 2024, Splendido had set aside about 10.06 million for the dispute in which it was involved as guarantor of Agricola’s debt towards Shadow. In May 2026, a settlement agreement was reached, which was fully reflected in the 2025 financial statements. The previous fund was replaced by a certain and payable debt of 13,433,792 euros, and Splendido became jointly liable with Agricola towards the former partner. A “risk” estimated at about 10 million turned into an obligation of over 13.4 million.
The lifeline for the holding remains the Grand Hotel Plaza, put up for sale at about 325 million euros, a figure that would solve all problems and would allow, once debts are paid, the two Paladino sisters to collect several tens of millions of euros each. The spontaneous question is why, with assets of this size, the two main companies of the group were put into liquidation, recurring losses were recorded, over 60 million in debts to tax and social security were accumulated, and a merger was decided that the auditors themselves describe as decisive to absorb previous criticalities? We have not found answers to these questions in the documents published so far. But perhaps Conte himself will provide some explanation to the Italians. Because a politician is credible if he applies (and makes others apply) in his private life the same values he supports and defends in public.
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