Tags: EU | Italy | Telecom | Italia

Telecom Italia Delays Earnings Report Amid Probe

Thursday, 25 Feb 2010 01:18 PM

Telecom Italia says it has postponed the approval of its 2009 results and new business plan due to an investigation into alleged money-laundering activity at its Sparkle unit.

The earnings were scheduled for release on Friday, following a board meeting Thursday. They will instead be released next month.

Telecom Italia's Sparkle unit and competitor Fastweb SpA are both targets of a money-laundering and tax evasion investigation headed by anti-Mafia prosecutors in Rome. Telecom Italia says authorities confiscated 300,000 euros ($405,505) from Sparkle in connection with the probe.

Sparkle is a wholesale and retail telecommunications provider.

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Telecom Italia says it has postponed the approval of its 2009 results and new business plan due to an investigation into alleged money-laundering activity at its Sparkle unit.The earnings were scheduled for release on Friday, following a board meeting Thursday. They will...
EU,Italy,Telecom,Italia
95
2010-18-25
Thursday, 25 Feb 2010 01:18 PM
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