0
General

Former BT Italia CEO awarded EUR 1.8 mln in damages - report

Thursday 7 December 2017 | 08:39 CET | News

An Italian court has awarded British Telecom ex BT Italia CEO Gianluca Cimini almost EUR 1.8 million for in damages for wrongful dismissal following the accounting scandal at the company, according to unnamed sources cited by Reuters. Cimini was initially suspended and then fired for disciplinary reasons before the company filed a criminal complaint accusing him of irregularities and unlawful conduct arising from its investigation of alleged accounting fraud that cost the firm GBP 530 million. However, an Italian labour tribunal has now ruled that the manager’s dismissal was both “illegitimate” and “unfounded”, according to one source.

The civil case involving Cimini is separate from the criminal investigation by Italian prosecutors into allegations of alleged fraud. In the complaint filed by BT in March, the company said it suffered financially from the unlawful conduct because the inflated results at BT Italia meant that it had paid bonuses to staff who did not merit them and that it had also paid taxes on income that did not exist-

The parent company first revealed financial irregularities at BT Italia at the end of last year, subsequently stating that "the extent and complexity of inappropriate behaviour in the Italian business were far greater than previously identified" and would result in accounting adjustments totalling some GBP 530 million.




Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Categories:
Countries:
::: add a comment