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Fastweb founder resigns from board

The founder of scandal-hit Fastweb, now an Italian subsidiary for Swiss telecommunications firm Swisscom, has resigned from the Fastweb board of directors.

Silvio Scaglia, who served as a non-executive director, has left his post with immediate effect, a Fastweb statement said on Monday evening.

Fastweb is involved in a probe into tax fraud and money laundering with alleged mafia links.

The investigation into former and present Fastweb employees has already caused reputational damage to the firm, which could translate into serious business implications for mother company Swisscom.

Carsten Schloter, head of Swisscom and chairman of board of directors of Fastweb, upon being informed of Scaglia’s decision “has acknowledged and accepted Mr Scaglia's resignation”, the statement said.

Between 2003 and 2006 investigators suspect Fastweb workers used phony international telephone services to launder €2 billion (SFr2.9 billion) in illegal funds. The suspects are also accused of tax evasion. Swisscom bought Fastweb in 2007.

Sister firms Telecom Italia and Sparkle are also affected by the investigation. and agencies

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