Fastwebs CEO Stefano Parisi has suspended himself until his role in an ongoing investigation is clarified.Â
The move follows Silvio Scaglia, the billionaire co-founder of the Italian telco, which is now majority-owned by Swisscom, and a number of managers being placed under investigation by the Italian authorities as part of a wide-ranging tax and money laundering investigation.
Parisi and three managers have temporarily suspended themselves. Swisscom CEO Carsten Schloter will assume the role of CEO while Parisi will be assigned to other roles within the Swisscom Group. ÂFastweb hopes that the suspension may be resolved shortly and reaffirms once again its belief that Stefano Parisi is not involved at any level in the alleged offences that are currently under investigation,Â the telco said in a statement.
Swisscom said it had decided to set aside a provision of Â70m in FastwebÂs 2009 annual accounts having conducted a detailed examination of the potential financial impact of the suspected fraud. ÂThe proceedings involve complex tax and legal aspects and could take several years to conclude, with no certainty of the eventual outcome,Â Swisscom said in a statement. The company will therefore post a loss of Â34m for 2009, as opposed to net income of Â36m that was previously announced.
FastwebÂs board of directors has also decided to transfer the business and assets of its wholesale operations to its fully-owned subsidiary Fastweb Wholesale, of which FastwebÂs current chief financial officer, Peter Burmeister, will be appointed as the sole director. This means the Public Prosecutor’s Office has withdrawn its request to appoint a judicial commissioner, the telco said.
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