Enel's CEO Says Wind Sale Was Transparent, Proper
ROME -(Dow Jones)- Enel Chief Executive Fulvio Conti repeated Friday that the sale of Wind Telecomunicazioni was "proper" and carried out in a transparent way after magistrates announced Thursday a probe of the Italian utility's CEO over alleged irregularities.
Conti told Enel employees he won't let the probe distract him from his operational duties. Enel's board late Thursday said it fully backed the CEO.
Italian prosecutors are examining whether there was any corruption involved in the EUR12 billion sale of Italian phone company Wind - one of Europe's largest leveraged buyouts - and have placed several people under investigation.
Enel sold Wind, Italy's third-largest mobile operator, to Weather Investment SpA, a group headed by Egyptian telecom magnate Naguib Sawiris, who is also being probed by magistrates.
Enel's CEO told employees he is ready to fully cooperate with magistrates. He repeated that he's innocent of any wrongdoing, adding he will fight so that "clarity" over the issue is reached as soon as possible.
The probe concerns consultancy fees worth more than EUR90 million that were allegedly paid during the sale of a majority stake in Wind, said the financial police in Rome Thursday. A total of 11 people are being investigated.
Italian and U.K. authorities conducted searches in Rome, Milan and London in connection with the investigation.
Later Friday, judicial sources said the investigation was also targeting unnamed Enel managers.
-By Liam Moloney, Dow Jones Newswires; +39 06 678 2543; liam.moloney@dowjones.com
(Carlo Renda of MF-Dow Jones contributed to this report.)
(END) Dow Jones Newswires
Posted to the site on 29th February 2008
