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Italian Police File Report Into 'Suspicious Activity' Over AC Milan Sale

Italy’s financial police reportedly filed reports about "possible suspicious activity" regarding the sale of AC Milan by Silvio Berlusconi's investment company to a Chinese businessman last year, according to Daniele Lepido of BLOOMBERG. The filings by Italy's Guardia di Finanza were sent to the Milan prosecutor's office in December, said one of the people, who could not be identified because the reports "have not been made public." The filings did not elaborate on the information in the documents, "which are the result of routine Bank of Italy and financial police reviews of cross-border transactions." The prosecutor's office then "determines whether a formal investigation should be opened." A Guardia di Finanza spokesperson declined to comment. A representative for the Berlusconi family investment company, Fininvest, had no comment on the issue Monday. On Saturday, Italian newspaper La Stampa reported prosecutors are "looking into whether the club used the sale to hide illicit cash flows" (BLOOMBERG, 1/15).

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