Ex-Alitalia chiefs face bankruptcy trial

Cimoli must also answer to alleged stock manipulation

Ex-Alitalia chiefs face bankruptcy trial

Rome, February 19 - Two former CEOs of Italian flag carrier Alitalia were indicted along with five other people on Tuesday in relation to alleged wrongdoing concerning the airline's bankruptcy in 2008. Francesco Mengozzi and Giancarlo Cimoli, respectively at the helm of Alitalia from 2001 to 2004 and from 2004 to 2007, face charges of bankruptcy due to distraction or dissipation of resources. The other suspects are Gabriele Spazzadeschi, former director of the administration and finance department, Pierluigi Ceschia, ex-head of the extraordinary finance division, former managers Giancarlo Zeni and Leopoldo Conforti and Gennaro Tocci, ex-head of sales. Prosecutors claim the flag carrier dissipated as a result of "abnormal economic and managerial operations" allegedly leading to the loss of over four billion euros as of 2007. Cimoli must also answer to two episodes of suspected stock manipulation in relation to the release of allegedly false information to alter Alitalia's market value. The first hearing is set for June 18. Alitalia's flight operations were spun off into a new firm that continued after the bankruptcy.

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