Swiss police arrest Italian businessman Borsalino over crimes worth billions of euros
Background*
Dr. Marco Marenco served as the Executive President of OTI Energy AG since June 30, 2008. Dr. Marenco serves as the President of the group holding Finanziaria Italiana per lo Sviluppo Industriale, S.p.A., Metanprogetti, S.r.l., Hydro Drilling International, S.p.A., Indreg Piemonte, S.p.A., Indreg Veneto, S.p.A., Indreg Liguria, S.p.A., Italia-Ukraina Gas, S.p.A., and Societ Italiana Idrocarburi, S.r.l. Dr. Marenco served as Chief Executive Officer of OTI Energy
(Reuters) - Swiss police have arrested an Italian businessman active in the energy and luxury hat sectors on suspicion of financial crime worth billions of euros, the criminal justice department of the Swiss border region of Ticino said.
Italy is seeking the extradition of Marco Marenco, who is in jail in Lugano, the Italian-speaking Swiss canton's main city, Ticino justice department spokesman Saverio Snider told Reuters, without giving further details.
Italian magistrates could not be reached for comment.
Marenco previously held a large stake in Italian luxury hatmaker Borsalino, but the firm, which is based in northern Italy, did not respond when Reuters asked if he was still a shareholder.
Borsalino said in March it was looking for ways to stay afloat after losing millions of euros in 2013. However, the company said on Saturday it was not involved in the case related to Marenco's arrest and that he had not held a decision-making role at the company since 2008.
In January, Marenco resigned from the board of directors at Switzerland's OTI Energy (OTI.S), a decision the company said was taken for personal reasons and to allow the businessman to attend better to his business affairs abroad.
Marenco also indirectly held a 15 percent stake in Italian company K.R. Energy as of the end of March 2015, K.R. Energy said in its 2014 financial results statement.
The two energy companies did not respond to calls for comment. Calls to the homes of several people listed under the name of Marenco in Asti, the businessman's hometown in northern Italy, went unanswered.
The Ticino justice department did not give the name of any lawyer for Marenco.
(Reporting by Isla Binnie; Additional reporting by Katharina Bart in Zurich; Editing byRaissa Kasolowsky)