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Swisscom acquires Fastweb CEO leadership

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Swisscom-Chef Carstel Schloter wird neuer Chef der skandalerschütterten Tochter Fastweb. Quelle: ap

Swisscom CEO Schloter Carstel becomes new head of the skandalerschütterten subsidiary Fastweb. Source: AP

HB FRANKFURT / MILAN. The previous Fastweb CEO Stefano Parisi gave up his role temporarily. This was prevented, that the company would be placed in receivership. The affair has become practical financial implications for the Swisscom and is likely the result of stress in the current year, how the Group acknowledged.

Against Fastweb founder Silvio Scaglia – one of the richest men in Italy – as well as dozens of other people in February, international arrest warrants had been issued. The Italian Justice alleges that the suspects operated by means of fictitious money laundering and evasion of telecom business taxes in the amount of two billion euros to have. The company Telecom Italia Sparkle should be involved in the affair. According to media reports is one of largest cases of fraud that Italy has ever seen. Fastweb is accused of tax fraud after earlier data on 40 million euros.

The charge of fraud was the biggest Swiss telecom company that they know already at the Fastweb takeover in 2007. Surprised showed Swisscom But then later on the magnitude of the case and the suspicion of money laundering. Now, said the Swiss company, Parisi had continued the full confidence of Swisscom and of the Fastweb Board of Directors, the SwisscomCEO Schloter headed. Parisi would in the meantime other functions within the SwisscomGroup assigned. Besides Parisi three other managers have resigned their functions temporarily. Parisi bestrietet of the Mafia involvement of his group known to have.

Fastweb 2009 slips into negative

Fastweb expects that the tax could take several years – with an uncertain outcome, as Swisscom announced. Therefore constitutes the Italian subsidiary, a provision of 70 million euros, einbrockt the company in 2009 now a loss of 34 million euros. Previously, Fastweb for the past year or a net profit of 36 million euros reported. Swisscom packs the provision as an expense in the balance sheet in 2010 and went to their own data estimates that the operating profit (Ebitda) of which will be charged this year with around 100 million francs. In February had Swisscom communicated, 2010 expected an Ebitda of 4.6 (2009: 4.7 to) billion francs. The sales will stagnate at twelve billion francs.

Italy’s economy scandals

Cirio: The group breaks cans together in early 2003 under a debt burden of around 1.6 billion euros. With a fraudulent bankruptcy, management has cheated 40 000 investors.

Parmalat: End of 2003 is the 14 billion-euro accounting fraud of the dairy group Parmalat Cirio in the shade. The founder Calisto Tanzi asserts his innocence to this day and banks are to blame.
Telecom Italia: has a wiretapping scandal Telecom Italia shaken 2006th The company also then known as the "injured party". However, the withdrawal is the main shareholder Pirelli and the entry of a consortium of Telefónica and banks in the fall of 2007 as a result of the scandal.

Fastweb / Sparkle: In the latest scandal to money laundering and evasion of VAT for the first time large companies involved with organized crime. Once again, the company described as "injured party".