Lastminute.com a black Friday like yesterday had never been seen. The stock, listed on the Zurich Stock Exchange, is collapsed by 23% following the judicial news that brought five of the seven top managers of the Swiss company to jail.
The Ticino prosecutor has requested preventative arrest for Fabio Cannavale, the managing director of lastminute.com, group active in the travel sector in 40 countries, with main offices in Amsterdam and Chiasso, in Canton Ticino. Preventive prison also for four other managers of the group.
Investigators are investigating one possible scam relating to obtaining short-time work compensation from the company Lastminute.com. The charges are of fraud, illegal claiming of social security benefits or social assistance and violation of the Swiss law on unemployment insurance.
Seven people had been arrested earlier in the week, but on Friday the public ministry decided to detain five, including CEO Cannavale. The Ticino prosecutor's office also decided to freeze 7 million Swiss francs deposited in some bank accounts of the branches concerned (BravoNext, BravoMeta CH and LMNext CH).
As reported by Ticinonews, the total amount of state subsidies received by the Swiss branches of Lastminute.com from March 2020 to February 2022 would reach 28,5 million francs. "LM Group will continue to support the authorities in their investigations," the company said in a statement.
