Jan 9, 2012
Italian fashion exec arrested for bankruptcy fraud
Jan 9, 2012
MILAN - The former director of Italian fashion group IT Holding -- the company that once owned the Gianfranco Ferre' brand -- has been arrested for bankruptcy fraud, the tax police said in a statement on Monday.
Gianfranco Ferre - Foto Reuters
Tonino Perna was arrested on a court order from Isernia in the Molise region of southern Italy and is accused of "damages to the assets of the group estimated at around 61 million euros ($78 million)," the statement said.
The tax police said they were planning to seize all of Perna's assets.
The highly-indebted IT Holding sought protection from creditors in February 2009 to avoid bankruptcy. The group's most prestigious asset -- the Gianfranco Ferre' brand -- has since been purchased by the Dubai-based Paris Group.
Subsidiaries including Ittierre, which produces accessories for major fashion brands, and cashmere-maker Malo have also been sold off.
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