Berlusconi firm to pay damages
Source: Agencies |
July 10, 2011, Sunday
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Print Edition
Print Edition
A MILAN appeals court yesterday ordered Silvio Berlusconi's holding company to pay 560 million euros (US$801 million) in compensation to rival CIR , dealing a further blow to the weakened Italian prime minister.
The appeals court's ruling acknowledged that a 1991 takeover battle for leading Italian publisher Arnoldo Mondadori Editore was marred by corruption but cut a previous compensation order by around a quarter.
Berlusconi tried this week to pass a step that would have suspended the penalty but had to back off because of a lack of support from coalition members and a public outcry.
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 later found guilty of corruption.
In 2009 a Milan court ordered Fininvest to pay 749.9 million euros in damages to CIR. Fininvest, which controls Italy's biggest private broadcaster Mediaset, appealed against the ruling.
Fininvest chairman Marina Berlusconi said the group would now take the case to Italy's top appeals court.
"We are certain we are in the right and we must believe our reasons will eventually be recognized," she said.
The appeals court's ruling acknowledged that a 1991 takeover battle for leading Italian publisher Arnoldo Mondadori Editore was marred by corruption but cut a previous compensation order by around a quarter.
Berlusconi tried this week to pass a step that would have suspended the penalty but had to back off because of a lack of support from coalition members and a public outcry.
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 later found guilty of corruption.
In 2009 a Milan court ordered Fininvest to pay 749.9 million euros in damages to CIR. Fininvest, which controls Italy's biggest private broadcaster Mediaset, appealed against the ruling.
Fininvest chairman Marina Berlusconi said the group would now take the case to Italy's top appeals court.
"We are certain we are in the right and we must believe our reasons will eventually be recognized," she said.
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