An Italian court has delayed a decision on a possible operating ban for Swisscom owned Fastweb and Telecom Italia subsidiary Sparkle.
The two companies are facing allegations of tax evasion and money laundering and have been given a two day reprieve by a…
An Italian court has delayed a decision on a possible operating ban for Swisscom owned Fastweb and Telecom Italia subsidiary Sparkle.
The two companies are facing allegations of tax evasion and money laundering and have been given a two day reprieve by a judge in Rome who is deliberating a motion to postpone the hearing, which will determine whether or not the firms will be put into temporary business administration.
Lawyers for the two companies reportedly said outside court that the additional 48 hours would give them the opportunity to summon new documents for the judge to view.
Top executives at both Fastweb and Sparkle are accused of knowingly enabling money laundering to the tune of over E2bn between 2003 and 2006 and the outcome of the hearing could have significant consequences on the Italian fixed line market.
Fastweb founder Silvio Scaglia has vehemently denied any wrongdoing with both Telecom Italia and Fastweb claiming that they are victims of the scandal.