Published in News

Fastweb boss cleared of money-laundering

Arrested in 2010

Italy’s slow and largely toothless legal system has cleared the founder of Italy's second-biggest telecoms company, Fastweb of tax fraud related to a money-laundering scandal.

Silvio Scaglia was arrested in 2010 for suspected tax evasion related to the case in which more than 2 billion euros were allegedly laundered through fake international phone service purchases and sales. Italian prosecutors arrested 56 people in connection with the case. Fastweb and Telecom Italia unit Sparkle were drawn into the scandal and said they didn’t do it and the money was laundered when they got there.

Ex-Telecom Italia director Stefano Mazzitelli was also acquitted of tax fraud on Thursday along with five others. So far only businessman Gennaro Mokbel has been sentenced to 15 years in jail. Scaglia told the press here that after a four year battle he was acquitted but all managers of Fastweb and Telecom Italia were acquitted too.

Scaglia is one of Italy's richest men. He was released in February 2011 pending the outcome of his trial.

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