Italy’s Ligrestis arrested for FonSai false accounting
Italy’s tax police said they have arrested former Fondiaria-SAI (FonSai) owner Salvatore Ligresti, his three children and two former CEOs of the insurer as part of an ongoing probe into false accounting and market manipulation.
They are all accused of ‘false social communications’ as well as of having deliberately underestimated the firm’s insurance reserves on 2010 balance sheet for a total amount of €600m.
Salvatore Ligresti, former FonSai owner, is under house arrest while the others have been jailed under pre-trial detention.
Investigations over false accounting and attempt to prevent surveillance activities for the period between 2008-2011 were started by prosecutors in Turin in 2012.
Rival insurer Unipol agreed to rescue FonSai last year in a complex four-way tie-up but a series of regulatory and legal hurdles has held up completion of the deal.
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