Italy PM`s holding ordered to pay $800 mn penalty

Italy PM`s Fininvest holding won control of Mondadori in 1991 at the expense of a rival media group.

Milan: A Milan appeals court on Saturday cut to 560 million euros ($801 million) a compensation payment by Italian premier Silvio Berlusconi`s holding company to the rival CIR conglomerate.

The appeal court`s ruling over a 1991 takeover battle for publisher Arnoldo Mondadori Editore is the latest blow to Italy`s weakened prime minister.

Berlusconi this week tried to pass a measure that would have frozen the penalty but had to hastily backpedal due to a lack of support from coalition members.

Berlusconi`s Fininvest holding won control of Mondadori in the early 1990s at the expense of CIR thanks to the ruling of a Rome judge who was later sentenced for corruption.

In 2009 a Milan court ordered Fininvest to pay 749.9 million euros in damages to CIR. Fininvest, which controls broadcaster Mediaset, appealed the decision.

Bureau Report

By continuing to use the site, you agree to the use of cookies. You can find out more by clicking this link

Close