from the Herald Tribune, business section
>Chairmen of Capitalia and Piaggio are found guilty in bankruptcy case
The Associated Press
Published: December 8, 2006
ROME: An Italian court convicted and sentenced the chairmen of Capitalia SpA and Piaggio & C. SpA to prison in a bankruptcy case related to the failure of real estate and hotel company Italcase-Bagaglino, Capitalia said.
Capitalia's Cesare Geronzi has been suspended from his post, the bank said in a statement late Thursday. Piaggio's Roberto Colaninno also was suspended from his position on the board of Capitalia, but remains at the Italian scooter company.
The court in the northern city of Brescia sentenced Colaninno to four years and a month in prison, while Geronzi was sentenced to one year and eight months. Banca Popolare Italiana Scarl CEO Divo Gronchi also was sentenced to one year and eight months in prison.
Banca Popolare Italiana and Piaggio could not immediately be reached for comment Friday, a national holiday in Italy.