FastWeb tries to avoid administrative receiver taking control

5 Mar 2010

Reuters reports that Italian broadband provider FastWeb is seeking to appoint an independent overseer for its wholesale unit to avoid a court-appointed commissioner taking control of its entire broadband operations as part of an investigation into alleged fraud. FastWeb, a subsidiary of Switzerland’s Swisscom, has been allowed extra time to submit its alternative proposals ahead of a hearing on the prosecutors’ demands, which include appointing an administrative receiver. Separately, Swisscom chief Carsten Schloter told Swiss paper Neuer Zuercher Zeitung that there was no reason to stop backing FastWeb’s CEO Stefano Parisi, who is being questioned as part of the case, which also involves a probe into Telecom Italia unit Sparkle.

Italy, Fastweb