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Former Swisscom exec examined in money scam

Italian authorities are now investigating Swisscom’s former chief financial officer in connection with a money laundering scheme at sister company Fastweb.

Mario Rossi left Swisscom in 2007 to become Fastweb’s CFO, where he worked until September 2009. In 2007, Swisscom bought an 82 per cent stake in Fastweb in a deal worth €3.1 billion, or SFr 5.2 billion at the exchange rate at the time.

Between 2003 and 2006 investigators suspect Fastweb workers used phony international telephone services to wash €2 billion in illegal funds. The suspects are also accused of tax evasion.

There is no warrant out to arrest Rossi, who had rejoined Swisscom’s ranks in September 2009 as leader of the Business Steering group. Italian justice officials have already issued warrants for 56 people in the scam that has alleged mafia links. They say they are interested in Rossi’s time between 2001 and 2006.

Fastweb’s founder, Silvio Scaglia, has been arrested in the case and has denied any wrongdoing. The company’s current CEO, Stefano Parisi, insists that Fastweb, Italy’s second-largest internet service provider, is healthy and “run by people who can prove their honesty”.

Sister firms Telecom Italia and Sparkle are also affected by the investigation. Sparkle has said it would delay releasing its 2009 results in the wake of the probe. and agencies

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SWI - a branch of Swiss Broadcasting Corporation SRG SSR

SWI - a branch of Swiss Broadcasting Corporation SRG SSR