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Berlusconi firm ordered to pay $800m penalty

Milan, July 9, 2011

A Milan appeals court on Saturday cut to 560 million euros ($801 million) a compensation payment by Italian premier Silvio Berlusconi's holding company to the rival CIR conglomerate.

The appeal court's ruling over a 19991 takeover battle for publisher Arnoldo Mondadori Editore is the latest blow to Italy's weakened prime minister.

Berlusconi this week tried to pass a measure that would have frozen the penalty but had to hastily backpedal due to a lack of support from coalition members.

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 who was later sentenced for corruption.

In 2009 a Milan court ordered Fininvest to pay 749.9 million euros in damages to CIR. Fininvest, which controls broadcaster Mediaset , appealed the decision.-Reuters




Tags: penalty | Berlusconi |

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