Sawiris Denies Italian Corruption Claims

Eygptian telecoms billionaire, Naguib Sawiris has denied Italian police allegations he could be involved in a corruption scandal over the 2005 acquisition of Italian mobile phone operator Wind. In a statement, he denied even being told that there is an investigation at all.

"Despite the fact that I haven't been officially notified, I can assure that the sale deal, under investigation, was conducted according to the law and international measures," Sawiris said. "All dealings are documented and I am not aware of any violations carried out by any individuals in relation with this deal,"

Last week, Lt. Col. Agostino Langellotti of the financial police in Rome said that the investigation concerns consultancy fees that were paid during the sale of a majority stake in Wind, which Sawiris' Weather Investments consortium bought from Italian power company Enel in 2005 for EUR4.8 billion.

A total of 11 people, including Enel Chief Executive Fulvio Conti, are under investigation in the probe centering on more than EUR90 million, which prosecutors believe were kickbacks masked as consultancy fees.

Posted to the site on 2nd March 2008