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Telecom Italia: total legality and transparency of Seat-Tin.It merger operations

07/06/2001 - 12:00 PM

Statement issued by the Telecom Italia Group defence team: Cesare Zaccone, Prof. Gilberto Lozzi, Prof. Giuseppe Frigo, Claudio Morra, Prof. Francesco Mucciarelli.

"The news regarding an investigation on the Telecom Italia Group coming from the Turin District Attorney´s Office and largely sited by the press, makes it necessary to set forth the following:

"The preliminary investigations carried out by the District Attorney´s Office concern allegations of false company reports and audits in connection with the Seat-Tin.it merger, irregularity in the fees paid to Mr. Pellicioli, and delay in reporting a conflict of interest. We consider it necessary to point out that these proceedings will certainly have a favourable outcome in that rigorous and impartial investigation can only confirm that the said transatctions were carried out with the utmost legality and transparency.

"The CONSOB (National Commission for Listed Companies and the Stock Exchange) was in fact duly informed on the transactions, which were also examined by the Court and the Appeal Court of Turin for the purposes of approval, and fully approved despite any previously formulated objections from the District Attorney´s Office.

"It should also be pointed out that no shareholder has formally challenged the Company´s resolutions connected with the said transactions.

"The dissemination through the press of news concerning the investigation is, however, seriously detrimental to the market, to the shareholders of companies belonging to the Telecom Italia Group, and to the persons involved in the investigation.

"Furthermore, the situation created as a result of such dissemination of news - some of which is unquestionably unfounded given the facts- could be exploited in order to carry out trading on Company shares which may be contrary to the normal and transparent course of market dealings.

For these reasons, while expressing a decise protest with regards to such inopportune disclosure, we reserve any right to take any action which we may deem most appropriate."