Where we operate in the world
Europe
01
Italy
From business to deception: shedding light on asset transfers
During a significant M&A operation in the healthcare sector, a client turned to Background Italia to assess the reputation of the target company and its stakeholders and reconstruct the chain of control. To meet the client's needs, the team conducted a thorough investigation using official sources and proprietary databases to evaluate the reputational solidity of the individuals involved.
The goal was to accurately map corporate and personal connections, providing a clear overview of their financial and asset situation. Additionally, a public perception analysis was carried out, examining their presence in local and national press, forums, blogs, and industry-specific publications to identify any potential risks or critical issues.
Through advanced intelligence techniques, the real dominus of the company was uncovered, husband of the sole administrator and shareholder, as well as identifying evidence of a fictious divorce aimed at protecting the assets of the husband, who was known to the authorities for shady operations.
02
Italy
Tracking the tracker
A Belgian company operating in the security and monitoring systems sector turned to Background Italia to investigate a potential patent infringement. The client sought information regarding the design and production location of an innovative technological device, protected by a European patent, which rumors stated to have been replicated by an Italian competitor. The investigation focused on the identification of the commercial partners that could have supported the Italian player and on the development status of the device for a potential seizure.
To meet the client's needs, the team conducted an in-depth analysis on the competitor, with a particular focus on national and international patent databases. Additionally, an advanced social media intelligence analysis was carried out using innovative tools to map the social network of the involved individuals, identifying relevant connections.
The investigation was further enhanced by fieldwork activities, including site visits and direct interviews, supported by a network of field operators.
Thanks to these thorough analyses, it was possible to identify the company and individuals involved in the design of the device on behalf of the competitor. This provided the client with all the necessary information to assess the situation and make informed decisions, including the possibility of taking legal action.
03
Italy
Fashion Uncovered: Tracing Key Manufacturing Facilities
Amid a possible intellectual property dispute, a major French private equity investor engaged Background Italia to analyze the supply chain and operational structure of a globally recognized luxury fashion brand. The investor, a stakeholder in a competing global fashion brand, was concerned about the branding of one of the target company’s latest collections. To achieve the best possible outcome, Background Italia recommended a comprehensive review of the corporate group’s structure to identify the locations of its production facilities and operational entities. This would enable the client to take legal action against key subsidiaries. Additionally, the team proposed mapping the brand’s suppliers worldwide to determine whether they shared supply chains with competitors.
Background Italia successfully uncovered the corporate group’s operational framework, revealing that key manufacturing facilities were located in Prato, a major textile hub with strong ties to Chinese suppliers. The investigation also found significant supply operations in India, China, and Taiwan. Furthermore, research indicated that the target company had recently adjusted its supply chain for Russian stores in an attempt to bypass sanctions on European luxury goods sales to Russia.
04
Italy
In-Depth Due Diligence on an NGO: Uncovering Financial Irregularities, Operational Risks, and Governance Conflicts
A Swiss investor engaged Background Italia for an in-depth due diligence on a Rome-based NGO operating in Nepal, aiming to assess its financial stability and operational transparency. Through open-source research, document analysis, and independent verifications, Background Italia uncovered significant discrepancies between the NGO’s reported and actual activities. Several projects listed as active were, in reality, underfunded or significantly delayed.
Financial analysis revealed a lack of transparency in fund allocation, with a considerable portion of donations covering operational costs rather than field programs.
The investigation also included a thorough background check on the NGO’s legal representative, exposing governance weaknesses, conflicts of interest, and potential reputational risks.
05
Italy
NPL assessment in the real estate sector
Background Italia was requested to carry out extensive research on a portfolio of companies with debt default in the tourism and real estate sector as part of a background and valuation screening by a potential investor. The aim of the project was to identify and value underlying assets, as well as the UBOs, of the portfolio of companies before the deadline for issuing a proposal for the acquisition of the debt.
Within a week’s time, Background Italia managed to establish the corporate structure of the company groups, the assets owned by the companies, their UBOs and it flagged integrity-related issues such as potential mafia links. Also, several of the underlying assets were identified to have been seized by the Italian tax collection agencies.
06
Italy
Local transportation, a family business
During the acquisition of a local transportation company, a major international investor engaged Background Italia to assess the target company's reputation and track record. The client commissioned a comprehensive investigation into the company’s operations, along with an analysis of its political affiliations. This aimed to evaluate the group’s sphere of influence in the region and provide insights into the management’s local network.
The research uncovered several areas of concern, including reports of inadequate equipment maintenance. Additionally, it mapped the company’s power dynamics, revealing strong ties between management and influential local political figures. Furthermore, the investigation found that the company’s leadership came from families with a long history in the transportation sector—some of whom had faced judicial sanctions in the past due to involvement in controversial activities.
07
Germany
Top executive with a troubled past
The client tasked Background Italia to conduct open-source due diligence and discreet investigations on a German entrepreneur, CEO of an international automotive group with business interests in Germany and Italy. The aim was to assess potential risks and opportunities before entering a high-value business partnership. Given the competitive nature of the automotive industry and global operations, the client sought a thorough understanding of the CEO's background and business practices to make an informed decision.
The assignment involved both open-source research and confidential enquiries, carried out with professionalism to ensure confidentiality and protect sources. Background Italia focused on the entrepreneur’s professional history, particularly corporate affiliations, uncovering elements of concern tied to previous roles.
The investigation revealed that the entrepreneur had previously entered into a creditor arrangement—a legal procedure under the Italian law to help distressed businesses avoid bankruptcy. This raised concerns about the entrepreneur’s management and provided a clearer insight into his corporate dealings. The investigation also revealed financial instability within the company, offering a fuller view of the CEO’s poor leadership and strategy.
08
Spain
Deep dive onto the elderly care services in Spain
While the company was not undergoing any civil litigation, risk derived from reputational aspects was identified; the company had been the target of criticisms by the general population and media amid a crisis prompted by the management of some of its elderly facilities in the south of Spain. Sources were able to corroborate this information, but suggested that the issue was not a structural matter and that the management had already taken steps to tackle the identified issues.
09
Czech Republic
Obscured structure of control of a Czech company
Background Italia was requested to carry out a pre-transactional due diligence project aimed at uncovering the chain of control of a Czech company active in the hydroelectric energy industry. The client wanted to establish an accurate picture of the shareholding structure of the entity and its management. Preliminary research revealed that the company seemed to be under the direct management of an Italian individual with minimal experience in the energy field, but with an extensive array of directorships in the waste management industry in the center of Italy. Following these findings it was advised to expand the investigation to Italy and to carry out a series of discreet interviews in order to determine the context behind the individual’s appointment.
Findings of the investigation concluded that the manager of the hydroelectric company in the Czech Republic was the right hand of a prominent Italian waste management entrepreneur with mafia links; as such, the complex shareholding structure of the energy assets had been likely established to shelter the reputation of the energy company from its dubious ultimate beneficial owner.
10
France
Social media clue leads to successful asset recovery in France
Background Italia was tasked with identifying assets controlled by a wealthy individual as part of court-backed asset recovery efforts in France. The team established an ongoing, daily effort of social media monitoring over the public profiles of the subject, whom was known to be an avid social media poster, in order to obtain information that could lead to the geo-localization of a luxurious villa in France.
Weeks after the commencement of the project, the continuous social media monitoring provided positive results, as the subject made a publication of a mini clip into what is known as a an Instagram story with the villa’s entrance in the background. Visual analysis of the video footage, paired with the known whereabouts of the individual, allowed to establish the exact location of the villa and to attach it to the asset recovery claim on behalf of the client.
11
Romania
DD on Romanian flour supplier
An Italian investor requested Background Italia to carry out a DD assessment on a Romanian company prior to the commencement of a business relationship. The client, active in the production of bread and baked goods, was eager to diversify its supplier base in order to minimize its dependency to a single provider. An expert team with knowledge in the local languages was soon gathered and put to work.
An in-depth collection of data was executed, with the aim of understanding both the reputational standing and the financial strength of the company.
Findings were cross-checked with the narrative provided to the client and it was concluded that the supplier had given an accurate picture of its current financial standing. It was also concluded that neither the company nor its managers had faced civil or criminal investigations of any kind.
12
Greece
Money trail from the Italy to Greece
A local Italian car parts manufacturer tasked Background Italia with carrying out an overall DD assessment on a locally-based buyer. The objective was to clarify the corporate ownership of the entity and to establish an understanding of the ultimate beneficial owner’s reputation. Upon an initial inspection, it was identified that the company was a wholly-owned subsidiary of a British company, reportedly controlled by a Greek entity.
As a result, the research scope was expanded onto those two territories.
Research discovered that the Greek company was controlled by a Greek entrepreneur with close familial connections to a well-known local politician.
13
Portugal
Portuguese litigation claims uncovered
A British investor was keen on assessing the current legal standing of a subject they were about to engage in business with in Portugal. Previous research had suggested that there were past and ongoing litigation proceedings against the individual, active in the real estate and tourism sectors. As such, Background Italia was tasked with assessing the current legal standing of the subject in the southern European jurisdiction.
Upon discovery, Background Italia’s local expert team moved forward to obtain as much information as possible in relation to the legal claims in a compliant manner.
Results of the research concluded that while several claims had been archived, including a EUR30m claim for unpaid debts against the subject, a series of pending cases continued to lurk in the shadows for the individual. The team also managed to retrieve official documentation that showcased the status of several of the archived cases.
14
Switzerland
Name change to remain undetected
A major European banking entity approached Background Italia for support in assessing the background of a senior entrepreneur who had recently launched a digital payments platform in Eastern Europe, controlled through a Swiss entity. Background Italia was tasked with developing local intelligence to evaluate the entrepreneur’s track record and business operations, as well as to gain insight into the Swiss company’s structure and hierarchy.
The investigation led to a network of well-positioned sources in the industry who could clarify the entrepreneur’s role within the company. Through these discussions, it was revealed that the entrepreneur had close ties to an individual previously convicted of fraud in an Eastern European country. This connection had remained undetected by banking institutions, as the individual had recently changed his name to obscure his past.
15
Liechtenstein
A look into a bank and its management
A top-tier UK-based family office engaged Background Italia to gain insights into a Liechtenstein-based bank with small but profitable operations in Italy. The bank, which served wealthy individuals, family offices, and private equity investors, had recently been mentioned in press reports regarding its alleged involvement in a money laundering scheme linked to some of its employees.
Background Italia set out to gather intelligence beyond public records to assess the bank’s actual involvement in the investigation and determine whether any allegations or evidence were directed at the institution itself. This involved on-the-ground human intelligence gathering and court document retrieval.
Local inquiries with journalists and industry insiders revealed that the bank itself was not under investigation—only the implicated employees, who had already been dismissed. Furthermore, sources confirmed that the bank was not facing legal repercussions, as the public prosecutor had found no evidence of systemic wrongdoing.
United Kingdom
16
United Kingdom
Paper trail from Switzerland to Costa Rica
A renewable energy firm approached Background Italia seeking assistance in assessing the business reputation and track record of a potential UK-based partner. The client was particularly interested in identifying the controlling party and determining whether any reputational risks could arise from collaborating in the Italian renewable energy market.
To address these concerns, Background Italia proposed an in-depth analysis of the company's filings and global media presence to uncover the key figure behind the British renewable energy developer. The investigation led to a Panama-based holding company controlled by a notorious Swiss fiduciary director, prompting further scrutiny into the group's South American operations.
The research revealed that the Panamanian entity was, in fact, controlled by a Costa Rica-based trust, established under Bahamian law in the early 2000s by a wealthy Swiss businessman with a troubled past in Italy. While the Bahamian entity appeared to be independent of the Swiss family, corporate records from the group's Chilean operations uncovered a crucial detail: the businessman’s son had been granted authority to appoint or remove key decision-makers within the trust, effectively making him the ultimate controller of the corporate conglomerate.
Asia
17
Hong Kong
Italian entrepreneurs linked to unfair competition case
An Italian based investor requested Background Italia to execute an in-depth DD investigation on a series of individuals in the industry of baked goods. The investor, keen on understanding the corporate network of power, wanted to understand whether there were any connections between the individuals and a several Chinese manufacturers.
18
Russia
Mapping ownership: who’s in control?
Not only was the team able to map the ownership chain of the holding company but was able to confirm undeniable links between the Luxembourg-based entity and a Russian tycoon with prominent interests around the globe.
19
India
Profiling of Indian wealthy individual with ties to the US
Background Italia was tasked with carrying out an assessment of a wealthy Indian individual with affiliated companies in the United States as part of a pre-transactional due diligence. Discretion was essential in order not to disturb the development of the negotiations with the Italian counterparty. After a preliminary check on the subject’s interests, the DD team determined the key jurisdictions in which to work on and carried out an overall mapping of the corporate structure controlled by the subject.
While the overall assessment determined that no red flag issues were apparent with the subject and his corporate interests, it allowed the counterparty to rule out any reputational risk when engaging in business with him.
20
Singapore
Singaporean manager meets the competition
Background Italia was tasked to analyze a prominent Singaporean manager that was following an M&A process for one of the subsidiaries of the corporate group, active in commodity trading. Recent leaks of information to the press had made the parent company’s board suspicious of the individuals closest to the deal. Discretion was crucial to prevent any backlash in regards to the investigation.
A series of open-sourced checks were carried on the managers with key information on the M&A process. It was discovered that a manager of the company had close familial ties with a direct competitor, reason for which it was decided to establish surveillance on the subject for a period of time.
The surveillance unit managed to confirm that the subject was constantly meeting with the directors of the competing firm, which was benefiting from the press leakages, as well as with journalists. With the information at hand, the manager was replaced by a member of the parent company’s board; by this time, leakages of information to the press ceased.
Latin America
21
Cuba
Inside Cuba’s accomodation network: Uncovering Key Links
Background Italia was approached by a prominent local institutional investor in the final stages of acquiring a portfolio of accomodation assets in Italy and abroad. While most of the portfolio comprised high-end luxury hotels and facilities in Italy, legal and financial due diligence uncovered potential links to operations in Cuba. Given the complexities of working in such a challenging jurisdiction, Background Italia recommended a thorough review of publicly available information, complemented by discreet on-the-ground intelligence from highly trusted sources. This approach aimed to provide the client with a clear understanding of the connections between the corporate group and key Cuban decision-makers.
The investigation revealed that the leading entrepreneur behind the accommodation conglomerate had well-established social and political ties with influential Cuban stakeholders, granting him exclusive access to the island through government permits.
22
Brasil
Pharmacological manufacturer with shady operations in Brazil
Background Italia was requested to evaluate the reputation and practices of an Italy-founded pharmacological company with operations in Italy, India, the US and Brazil. Ongoing concerns from the client were due to rumors from the market that suggested that the company had undergone shady operations to sell products of lesser quality to the market.
Background Italia made an assessment of the corporate structure of the group and identified all key operational subsidiaries of the entity.
Then, it gathered documentation of the subsidiaries of interest and established surveillance operations on the ground to assess the sourcing of the materials entering operational facilities. The team also carried out discreet encounters with whistleblowers of the entity. It was established that, while the company was fully compliant in the developed markets, such as Italy and the US, the operations based in Brazil and India had recently been working with a lower degree of compliance in terms of health and safety regulations. Specifically, the team managed to establish that, for example, the operational subsidiary in Brazil was sourcing part of its raw materials from local producers that did not follow a strict health and safety procedure during their production process. The material sourced from these local producers was then used to manufacture medical products consumed mainly in the US.
23
Venezuela
Potential investor seeking third party verification of assets and integrity
Background Italia was tasked with identifying all assets held by a major Italian builder, as well as assessing any reputational or integrity issues that might arise from working with the construction company. The client, a major American private equity fund, had received a communication from its Italian counterpart making a strong case for the fund to become its financial partner. The roadbuilder was said to be working on a strategy to increase its presence in foreign markets; for that, however, the construction company was reported to require a strong financial backing. Given the global presence of the Italian construction company, the team initially developed a structure of the company, as a way to determine the predominant jurisdictions of interest; priorities were assigned based on an assessment of overall revenues per geographical location, as well as the impact of future business development in the area, with an emphasis on jurisdictions prone to the existence of corruption cases or fraudulent activity, such as Venezuela, Russia and North Korea.
It was identified that the company had an established presence in Venezuela, but the current financial crisis of the country had dramatically affected the company, forcing it to declare a substantial impairment on its Venezuelan assets. The company was also identified to have been assessing future developments in Russian territory through a small subsidiary that was later absorbed by another company of the group. Lastly, it was identified that, while the company and its officers seemed to enjoy from a predominately positive reputation, several Italian and foreign subsidiaries of the group had been involved in civil litigation proceedings, all of which the client was not aware of.
24
Colombia
Unknown ties between the CEO and the chairman
Background Italia was tasked with carrying out a background check on the CEO of an international fashion brand. The aim was to understand the relationship between the CEO and the chairman of the company, as well as the reasons behind his appointment in the role. Discretion on the task was imperative, as the client was assessing potential business relationship with the company.
Through research, data analysis and human intelligence, Background Italia managed to obtain valuable insights on the key points of the business and familial relationships between the two subjects and gave an understanding of how and why the CEO was appointed on the role in the first place.
Background Italia established that the CEO of the entity had been appointed to the role after having met the chairman of the company on a charity event; the personal connections between the two subjects were a major reason that explained why the chairman, a major shareholder of the entity, decided to appoint a CEO with limited experience in the role.
25
Argentina
Pre-transactional DD on potential acquisition
Background Italia was commissioned a pre-transactional due diligence operation on a major Argentinian manufacturer of sportswear and its IArgentinian managers. The goal of the research was to identify potential issues regarding the reputation and integrity of the subjects related to the manufacturing company. The team established that the best approach was to conduct a thorough search of potential issues relating to the targets of the investigation through open-sourced research.
With an understanding of the data and information publicly available, the team executed intelligence gathering on the ground to separate fact from fiction.
While no FCPA issues were identified, it was concluded that one of the Argentinian managers of the firm had been involved in a bankruptcy proceeding and a subsequent agreement with creditors at another Argentinian company. The finding, previously unknown to the potential buyers, provided a valuable insight into the management of the company and a base to make an informed decision.
North America
26
USA
Insurance claim dismantled
An Italian insurer requested Background Italia to establish surveillance efforts on a US-based subject that had claimed hefty sums for damages against one of its clients. According to the claim, the individual suffered a major injury caused by the insured client’s motor vehicle that led to a walking impairment. Background Italia’s initial efforts were focused in locating the individual; it was concluded that the subject was residing in the suburbs of a major city of Denver, USA.
The firm deployed boots on the ground and established daily surveillance on the claimant, in order to obtain evidence of her current physical ability to walk.
After days of surveillance, enough material to support the thesis that no walking impairment was apparent was gathered and sent to the client, allowing for a successful resolution of the events on the client’s end.
27
USA
Reconstructing ownership structure of a Delaware-based entity
Background Italia was tasked with reconstructing the ownership structure of a US company based in Delaware. The firm, reportedly active in the IT consultancy field, was to seal a deal with an Italian counterparty, but being in Delaware, little to no information was obtainable from the official excerpts of the State’s business registry. Background Italia engaged in a series of discreet interviews in order to understand the links between the manager and the unknown shareholders.
Human intelligence revealed that the director of the company was the wife of a prominent IT manager in Italy who had recently been working closely with a Swiss investor.
Upon discovery, research expanded into the Italian and Swiss jurisdictions, covering the known shareholdings and directorships of the two subjects both in Italy and Switzerland. Soon enough, a 2014 financial statement of an Italian entity provided key data that suggested that the Swiss investor was the ultimate beneficial owner of the Delaware-based entity.
28
USA
Like father like son: a tale of two families
A local private equity investor with key interests in the food and beverage industry engaged Background Italia to assess the relationships of its key distributor across the US for one of its flagship tea brands. The investor was particularly concerned about potential ties between the newly appointed distributor and his predecessor, who had been implicated in a money laundering scandal.
To address these concerns, Background Italia recommended a comprehensive analysis of public records across the relevant countries to map the professional and personal relationships of both the current and former distributor. This approach aimed to uncover any hidden connections that could pose a reputational risk.
The investigation revealed that, despite the new distributor’s claims of having no ties to his predecessor, their families had been engaged in business transactions since the 1990s. Key evidence contradicting the distributor’s narrative included the fact that both families originated from the same town (the newly appointed distributor argued that he was from another region), social media photos showing members of both families together, with a caption reading, “The two families together—the story continues”, and corporate records linking the distributors’ fathers as joint directors in multiple companies. These findings confirmed a clear connection between the two families, enabling the client to take proactive steps to mitigate potential reputational risks in the long term.
Africa
29
Mozambique
Fraudulent use of Mozambique-based NGOs uncovered
A prominent Italian investor approached Background Italia for a case involving several non-profit organizations controlled by a Portuguese energy player in Mozambique. The key task of the project was to establish whether the NGOs were being correctly used for their stated purposes. The NGOs, officially created for the promotion of cheap access to the clean energies, were suspected of having served as a channel to fund a series of payments to local officials for the awarding of public tenders.
Background Italia carried out an assessment of the publicly-retrievable information related to the target entities, its parent company and their management, and established that on-the-ground witness interviews were required.
A series of discreet interviews were carried with subjects knowledgeable of the affairs of the NGOs and their statements corroborated the thesis proposed by the client. Whilst no fact-based evidence of any wrongdoing was identified, the information retrieved through human intelligence allowed the client to mitigate the risk of dealing with the entity by engaging in contractual obligations with an Italian subsidiary of the Portuguese parent company that was completely de-attached from the NGOs’ chain of command.
Australia
30
Queensland
Deep dive into the Australian kangaroo meat market
Background Italia was tasked by a Swiss investor to carry out a DD assessment and a contextual market overview of a kangaroo meat exporter. The firm was keen to becoming the sole importer of for the European markets, but wanted to have an overall understanding of the exporter’s local reputation. Background Italia carried out an reputational DD assessment on the kangaroo meat producer, its managers and key shareholders.
The firm also carried out a comparative analysis of the general trends of the market competitors, so as to provide the client with a benchmark of the current standing of the exporter.
Results on the reputational DD assignment did not identify any major issues with the company and the analysis of the overall market found that the meat producer was at a financially stronger position than its local counterparties.
