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Report: Former Italian PM probed on Mediolanum stake

Former Italian Prime Minister Silvio Berlusconi is under investigation for alleged corruption related to a stake in Banca Mediolanum SpA held by Fininvest SpA, a holding company that Berlusconi owns, Reuters reported, citing a judicial source.

In 2014, Italy's central bank and insurance regulator IVASS ordered Fininvest, which owns about 30% of Mediolanum, to reduce its stake in the bank to 9.9% after it deemed Berlusconi unfit to own more than 10% of a financial company following his conviction for tax fraud in 2013. An Italian appeals court later backed a request from Fininvest to annul the sale of its stake.

Italian prosecutors claim that the ruling by the appeals court was fixed, the source told the newswire.