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TIM stock slides after manager probed for corruption

TIM stock slides after manager probed for corruption

Investigators looking into alleged exchange of bribes

ROME, 23 October 2024, 12:42

ANSA English Desk

ANSACheck
- ALL RIGHTS RESERVED

- ALL RIGHTS RESERVED

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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