Parma boss arrested for money laundering

Parma boss arrested for money laundering
Parma football club is facing debts of €100 million. Photo: Filippo Monteforte/AFP
The owner of cash-strapped Parma football club, Giampietro Manenti, was arrested on Tuesday morning for alleged money laundering.

Arrest warrants were also issued for 21 others accused of embezzlement, money laundering, using cloned cards and autoriciclaggio, a new crime through which money or assets obtained illegally are transferred through a third person to cover-up their criminal origins.

The crime was introduced last year to better connect the chain of criminality and give authorities greater powers to act against those involved. Italy’s financial police on Tuesday said people arrested for the crime had used "mafia methods" but did not elaborate on what exactly.

Manenti's detention comes a day before a court hearing in which Parma, facing debts of €100 million, could be declared bankrupt. The club last month said it was too broke to pay stadium stewards, while players have gone on strike over delayed salaries.

READ MORE: Cash-strapped Parma docked more points

In addition to the arrests, police were carrying out 60 search warrants across the country.

Photo by Giuseppe Cacace/AFP

Member comments

Become a Member to leave a comment.Or login here.