Italy's Court of Cassation upheld a four-year sentence against former Generali Chairman Cesare Geronzi over his involvement in the 2003 collapse of Italian food company Cirio, Reuters reported.

Three years of the sentence will be eliminated by a national amnesty, and Geronzi, who is 82, will not serve any jail time because of his age, according to the Oct. 6 report. Geronzi was sentenced in 2015 for actions when he was head of lender Capitalia, which was later acquired by UniCredit SpA.