ECB Right To Block Berlusconi's Bank Stake, EU Court Says

By Silvia Martelli (May 11, 2022, 4:03 PM BST) -- The European Central Bank was right to decide that a conviction for tax fraud prevented former Italian Prime Minister Silvio Berlusconi from holding a stake in a bank, the European Union's second-highest court ruled on Wednesday.

The General Court said that the ECB was right to assess Berlusconi's reputation when it sought to establish whether he could be authorized to buy a qualifying holding in the financial services company, Banca Mediolanum. 

Berlusconi has held a 30% stake in Mediolanum since the 1990s, alongside his extensive Italian media company, Mediaset. But Mediolanum was taken over by its own banking subsidiary in 2015,...

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