Italian fashion exec arrested for bankruptcy fraud
today Jan 9, 2012
MILAN - The former director of Italian fashion group IT Holding -- the company that once owned the Gianfranco Ferre' brand -- has been arrested for bankruptcy fraud, the tax police said in a statement on Monday.
Gianfranco Ferre - Foto Reuters
Tonino Perna was arrested on a court order from Isernia in the Molise region of southern Italy and is accused of "damages to the assets of the group estimated at around 61 million euros ($78 million)," the statement said.
The tax police said they were planning to seize all of Perna's assets.
The highly-indebted IT Holding sought protection from creditors in February 2009 to avoid bankruptcy. The group's most prestigious asset -- the Gianfranco Ferre' brand -- has since been purchased by the Dubai-based Paris Group.
Subsidiaries including Ittierre, which produces accessories for major fashion brands, and cashmere-maker Malo have also been sold off.
Copyright © 2020 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.