TURIN Italy Feb 21 An Italian appeals court has
sentenced two former Fiat advisors to 1 year and 4
months in jail for misleading the market in a 2005 stock
transaction that secured the Agnelli family's control of the
Thursday's decision by the Turin judges overturned a 2010
verdict by a lower court that had found the two advisors, lawyer
Franzo Grande Stevens and former Agnelli family holding company
executive Gianluigi Gabetti, not guilty.
The case dates back to 2005 when regulators asked an Agnelli
holding company called IFIL to comment on rumours that it was
buying Fiat shares ahead of a Fiat share issue to settle a
convertible loan with its banks.
Both men told the court on Thursday they were not guilty.
The court also ordered the pair to pay a fine of 600,000 euros