Turin

Ligresti defense submits documents to Turin court

Hearing to review family's Fonsai fraud probe appeals

Ligresti defense submits documents to Turin court

Turin, August 6 - A hearing to review documents presented by the defense for Salvatore Ligresti and other family members being probed for alleged fraud at Italian Insurance company Fonsai began on Tuesday in the northern city of Turin. Fonsai is seeking 32 million euro in damages from former shareholders, the Ligresti family, in addition to a 245 million euro payout approved in March. In July, three members of the Ligresti family were arrested, suspected of false accounting and market manipulation for alleged involvement in cooking the books to the tune of 600 million euros in the 2010 balance sheet. The Ligresti family are the former majority owners of the Fonsai and Milano Assicurazioni insurance companies. Shareholders voted in favour of the additional demands for damages from the Ligresti family, in relation to what were classified as involving ''minor operations''. The bulk of those concern a real estate transaction in Florence, the restructuring of a hotel in Madonna di Campiglio and marketing contracts with the company Gilli. Salvatore Ligresti, the family patriarch and former honorary chairman of Fonsai, was recently put under house arrest along with two former executives from the insurance company.

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