The Council of State upheld the main appeal in the Mediolanum case, i.e. the appeal presented by Silvio Berlusconi against the obligation imposed on Fininvest to transfer the share held in Mediolanum exceeding 9,9%, or 20%, to a trust.
The Bank of Italy had imposed the obligation to sell on Fininvest with a provision dating back to 7 October 2014. The decision had been taken after the registration of Mediolanum among the banking groups and the loss of the honourability requirements by of the former Prime Minister due to the conviction for tax fraud.
Subsequently, on November 6, the Bank of Italy had ordered Fininvest to transfer the share to the trust within 30 days, but the lawyers of the former premier (Andrea di Porto, Andrea Saccucci and Luigi Medugno) had asked the State Council to reactivate the application for suspension of the original measure. Request for suspension that the Council of State had accepted.
