Latest News by Industry
TURIN, Italy (AP) — The Turin prosecutor’s office has requested indictments of former Juventus president Andrea Agnelli, 10 other former board members, and the club following an investigation into alleged false accounting.
Former vice-president Pavel Nedved and CEO Maurizio Arrivabene — who left the club on Monday when Agnelli and the entire board of directors resigned — are also named, as is former Juventus director of sport Fabio Paratici, who has moved to Tottenham.
A date for the preliminary hearing to decide whether to indict and proceed to trial is expected to be announced in the next week.
Juventus maintains “the accounting treatment adopted in the contested financial statements falls within those allowed by applicable accounting principles,” and it has drawn that conclusion “on the basis of a solid set of opinions by leading legal and accounting professionals.”
In a lengthy statement issued by the club, it added: “Juventus remains convinced that it has always acted correctly and intends to assert its reasons and defend its corporate, economic and sporting interests in all forums.”
Prosecutors have been investigating since last year whether Juventus cashed in on illegal commissions from transfers and loans of players. The case is also exploring if investors were misled with invoices being issued for non-existent transactions to demonstrate income that in turn could be deemed false accounting.
The case involves player contracts, transfers and agent dealings from 2018-20.
At the start of the pandemic, Juventus said 23 players agreed to reduce their salary for four months to help the club through the crisis. But prosecutors claim the players gave up only one month’s salary.
Turin prosecutors have also apparently discovered more secret payments to former player Cristiano Ronaldo that were not reported by the club.
Juventus is listed on the Milan stock exchange, which also opens it to regulatory scrutiny by the CONSOB watchdog. The club CFO, Stefano Cerrato, was caught on phone taps saying that if CONSOB questioned their moves, they would “razzle-dazzle” the regulators with fancy words, according to leaks to Italian media.
Trading in Juventus shares was flat on Thursday, after a negative 1.16% close on Wednesday at 0.2738 euros.
___
AP World Cup coverage: https://apnews.com/hub/world-cup and https://twitter.com/AP_Sports