Fines of 850 thousand euros by Consob for market abuse relating to the takeover bid by Lvmh (Louis Vuitton) on Bulgari in 2011. This is what we read in the Bulletin published today, Wednesday, on the Commission website which sanctioned the general manager Lvmh delegate Antonio Belloni, Alessandro Sonvico from Ticino and Pentagram, the Swiss investment company of which the latter is a partner.
In detail, an administrative fine of 350 thousand euros was applied to Belloni, in addition to an accessory disqualification sanction of 8 months; Sonvico, by virtue of some investment recommendations, a fine of 350 euros, to which is added a further 150 euros imposed on Pentagram, as jointly liable party.
Lvmh replied to the matter which, through a note, let it be known that: “The LVMH group has learned of the administrative provision by Consob against Dr. Antonio Belloni, who immediately decided to appeal to the competent Court".
“LVMH – continues the press release -, which has always been informed by Dr. Belloni of the ongoing proceeding, remains serene as to its final outcome and renews all its trust in its Chief Executive Officer, whose behavior in the Group has always been characterized by loyalty, transparency and correctness, since his arrival in 2011. No office exercised by dr. Belloni is influenced by this decision."
The lawyers assisting Dr. Belloni, also declared that: “Dr. Belloni acknowledges the administrative provision of Consob. He will contest it, disputing at every point the facts attributed to him. Dr. Belloni is embittered by this provision which he considers unjust, but with the serenity of one who has not committed anything irreproachable ”.
