April 5, 2018 / 1:56 PM / 2 years ago

Italy's Berlusconi asks court to freeze ruling his Fininvest cut stake in Mediolanum

ROME, April 5 (Reuters) - Former Italian Prime Minister Silvio Berlusconi has asked an Italian court to suspend a request his family holding company Fininvest cut its stake in Banca Mediolanum to below 10 percent, according to a filing on the court’s webpage.

Lawyers for Berlusconi said on Thursday an appeal had been made to an administrative court to freeze a ruling from April 11 last year that Fininvest cut its stake to at least 9.99 percent within 18 months.

Fininvest, which owns 30 percent of Banca Mediolanum, was ordered by the Bank of Italy to sell just over 20 percent because Berlusconi was no longer deemed fit to own more than 10 percent of a financial company after a conviction for tax fraud.

In October 2016, the European Central Bank said it was opposed to Fininvest owning a “significant stake” in Mediolanum. (Reporting by Domenico Lusi; writing by Stephen Jewkes; editing by Francesca Landini)

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