Italian prosecutor presents chapter request in opposition to CHL

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MILAN (Information) – An Italian prosecutor has introduced a chapter request in opposition to data know-how and e-commerce group CHL (CHL.MI), the corporate mentioned, including it was notified on Dec. 9.

The board has met to determine defend the corporate in opposition to the Florence prosecutor’s motion, which it considers “groundless”, CHL mentioned late on Thursday in a press release.

Underneath Italian civil regulation a decide will now assess the prosecutor’s request and determine whether or not to launch a chapter process in opposition to the corporate.

Italy’s market watchdog Consob final week briefly suspended buying and selling in CHL shares after discovering alleged irregularities and attainable market abuse.

Consob mentioned the alleged irregularities associated to details about the corporate’s financial and monetary scenario that CHL’s prime administration had supplied to traders.

Listed in 2000 simply earlier than the dot-com bubble burst, CHL is a relative minnow on the Milan bourse, with a market capitalization of simply 6.eight million euros ($7.5 million).

CHL mentioned on Thursday it will press forward with plans to purchase Polish-based Airtime Sp.Zo.o, Romanian-based Prime Change Applied sciences and Irish-based Rubelite, although it added it was negotiating adjustments to the preliminary agreements with its counterparts.

A shareholder assembly is scheduled for Dec. 20 to approve a 6.7 million euro capital enhance to finish the acquisitions.

Reporting by Giulio Piovaccari; Modifying by Kirsten Donovan