There are more details today on the arrest of Italian garment magnate Tonino Perna, who once ran IT Holding, a former apparel industry giant that collapsed in 2008:
Perna is accused of using 61 million euros, or $77.5 million at current exchange, of funds meant for IT Holding for other purposes, including allegedly for his personal real estate. It is understood the financial police are confiscating Perna's personal properties, including a villa and two houses in Capri; an apartment in the center of Rome; a villa in Porto Cervo, the exclusive luxury resort on the island of Sardinia, and a yacht.
IT Holding once owned brands including Gianfranco Ferrè and Malo, and produced diffusion lines for major brands including Roberto Cavalli, Versace, Trussardi, and Dolce & Gabbana. When IT Holding finally sank under the weight of its accumulated debts in the liquidity crisis of 2008, the future of those lines was thrown into doubt. Roberto Cavalli broke down in tears at the news. IT Holding required two years of government-backed bankruptcy protection before it was in salable condition. [WWD]