Real Property

Telecom Italia said on Thursday it had postponed the approval of the earnings report of 2009, amid his investigation of Sparkle unit, while the founder of Fastweb, Antonio Scaglia, arrived within hours to Italy for questioning.

Both companies own Scaglia and have denied the allegations. Telecom Italia and Fastweb say they were victims of a criminal organization, not the perpetrators.

Anti-Mafia prosecutors in Rome on Monday issued arrest warrants for 56 suspects, including Scaglia, as part of an operation against an international network of money laundering that allegedly use front companies for bogus transactions between 2003 and 2007. They are also accused of tax evasion.

chief executive of Telecom Italia, Franco Bernabe, admitted the “illegal actions of its managers” in a teleconference with analysts. He said the then chairman of the board and the then managing director of Sparkle were investigated in 2006. Both left the company thereafter. But he said that “current managers” are under investigation.

Sparkle Bernabe also said that in 2007 ended their relationships with two suppliers _I-_ Planetarium Globe and whose managers were white investigation.

Economic Development Minister Claudio Scajola said that investigations were creating risks of destabilization for the telecommunications industry.

“Any judicial initiative bring legality is welcome. But there is no doubt that has repercussions, “Scajola told reporters at an economic forum in Rome. “We need a more solid morality, but without destabilizing the system.”