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Inside Trader in Italy Becomes CEO

May 5, 2003

MILAN, Italy (AP) _ Emilio Gnutti, Italy’s first major executive to be convicted of insider trading, has been named chief executive of the privately held holding company that controls Telecom Italia SpA.

Gnutti, one of Italy’s richest men, was convicted last year of exchanging privileged information in 1999 about a series of transactions linked to CMI, at the time a small publicly traded industrial holding company from which Gnutti was buying assets. He was sentenced to eight months in prison and fined 100,000 euros (now $110,000).

He is free while appealing his conviction. If the appeals court upholds the conviction, Gnutti will have to leave his posts on the boards of Telecom Italia and affiliated companies.

Gnutti’s business interests are concentrated in Hopa, a holding company he created in 1996. Hopa’s third-largest investor, with a 5.4 percent stake, is Mediaset SpA, the media empire indirectly controlled by Premier Silvio Berlusconi.

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