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Investigation prompts Telecom Italia to delay Q4 report


26.02.2010

Telecom Italia SpA has put the results of income in 2009 was arrested as the Italian authorities to investigate alleged dirty money to finance the telco's Sparkle unit and broadband provider Fastweb SpA.


In a statement issued Wednesday, Telecom Italia board `s been asked to postpone the approval of 09 results for updating add a third year of the business plan until the board meets again March 25.


Italian authorities have confiscated U.S. $406.4 million Sparkle `s credit and liquidity that comes Wednesday in an ongoing investigation into the dirty money funds between the two service providers. According to Italian prosecutors, the money was laundered for the management skills of both companies through international counterfeit telephone service purchases and sales between 2003 and 2006.


 

 

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