TIM's stock shed 3% in early trading
on Monday after the Italian telecommunications group confirmed
that one of its managers was under investigation in a corruption
probe.
"TIM confirms that earlier this morning the Guardia di Finanza
(Italian Finance Police) executed a search warrant at the office
of one of its managers for the hypothesis of bribery between
private individuals," the company said in a statement.
"The company will also cooperate with the investigators in order
to determine any possible liability to the detriment of the
company".
A manager of another company, Ntt Data Italia Spa, is also under
investigation over the alleged exchange of bribes and was also
subjected to searches.
The search warrant said the TIM manager received "money not due"
on two occasions from the Ntt Data manager in February and May.
It said that the amount received in the first case was 50,000
euros, while the amount in the second was "not quantified".
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