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Ferruzzis Lose Board Control

August 31, 1993

MILAN, Italy (AP) _ The Ferruzzis were removed Tuesday from the board of directors at Ferruzzi Finanziaria, the holding company for the family’s financially troubled agricultural and chemicals empire.

Alessandra Ferruzzi, her husband Carlo Sama, and her brother-in-law Vittorio Giuliani Ricci all lost their places on the board, as five new members were appointed by shareholders.

In June, the Ferruzzi family had to hand over operational control of the company to a group of creditor banks after reporting debts of 28 trillion lire, or about $17.5 billion.

Last week, a court froze $312 million in assets owned by former Ferruzzi executives, including family members, so that some $350 million in recently revealed losses from 1989 can be investigated.

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