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Giacomelli: Final Chapter?

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ROME, Italy (May 11) – Is this the last chapter in the never ending story around Italy’s Giacomelli sports empire? The Italian police have arrested and placed under custody Emanuele Giacomelli, the former CEO of the bankrupt Giacomelli Sport Group and his father, Antonio. Some former executives share the same fate. Police are still looking […]

ROME, Italy (May 11) – Is this the last chapter in the never ending story around Italy’s Giacomelli sports empire? The Italian police have arrested and placed under custody Emanuele Giacomelli, the former CEO of the bankrupt Giacomelli Sport Group and his father, Antonio. Some former executives share the same fate. Police are still looking for Gabriella Spada, former President of the group and wife of Emanuele – she is said to be on holiday. The charges are that these persons are suspected of issuing fake invoice to the sum of € 50 million, falsifying the company’s balance sheet since 1997 and other fraudulent activities…As the once-great empire has been receiving state-support for a good number of years, this case has already been called ‘a new Parmalat’ scandal in the Italian media. To gather evidence, the investigators have listened to some 3000 hours of recorded phone conversation of the accused.(MH)

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