Fininvest
Encyclopedia
Fininvest is a financial holding company
controlled by Silvio Berlusconi's
family and managed by Silvio Berlusconi's eldest daughter Marina Berlusconi
.
(an insurance and banking company), Medusa
(a major Italian film production company), Mondadori
(one of Italy's leading publishing companies), A.C. Milan
(a football team) and Mediaset
, which is currently the biggest private entertainment competitor in Italy
, owning three channels (Canale 5
, Italia 1
, Rete 4
), two channels in Spain, Endemol
, a digital TV broadcasting network and many other companies related to TV broadcasting.
The Berlusconi family doesn't control the company directly. Instead, its shares are owned by 38 separate companies, all named 'Holding Italiana' followed by a number (1-38), most of which are in turn controlled by Berlusconi. These 'Holding Italiane' have repeatedly come under investigation by the police for various financial and accounting irregularities, slush funds and money-laundering. All of them were created at the end of the 1970s by covert associates of Berlusconi's and received significant investments (several hundreds of millions of euros at today's value) from still unknown sources. Some of their liquidity was even deposited in cash.
Much of the documentation of that time relative to the early financial and banking operations of these companies has been lost, in one case in a fire.
A report on those matters was commissioned by the general Dipartimento Investigativo Anti-Mafia (Bureau of Anti-Mafia Investigation) of Palermo
in the 1990s from a finance expert working at the Bank of Italy
, Francesco Giuffrida, to supplement the evidence in a tentative case against Berlusconi and associates for their alleged involvement with the Sicilian Mafia. In 1998 the case was temporarily shelved because of lack of sufficient evidence to go to trial. The case was reopened in 2009.
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
controlled by Silvio Berlusconi's
Silvio Berlusconi
Silvio Berlusconi , also known as Il Cavaliere – from knighthood to the Order of Merit for Labour which he received in 1977 – is an Italian politician and businessman who served three terms as Prime Minister of Italy, from 1994 to 1995, 2001 to 2006, and 2008 to 2011. Berlusconi is also the...
family and managed by Silvio Berlusconi's eldest daughter Marina Berlusconi
Marina Berlusconi
Marina Berlusconi is an Italian businesswoman, chairwoman of Fininvest Holding and of the Arnoldo Mondadori Editore publishing group...
.
Structure
The Fininvest group is composed of a number important companies: MediolanumMediolanum (company)
Mediolanum S.p.A. is an Italian financial services company based in Basiglio near Milan, founded by Ennio Doris in 1982. Doris remains the chief executive officer and largest shareholder with around 40% of the company today. The second-largest shareholder with over 36% is Berlusconi's Fininvest...
(an insurance and banking company), Medusa
Medusa
In Greek mythology Medusa , " guardian, protectress") was a Gorgon, a chthonic monster, and a daughter of Phorcys and Ceto. The author Hyginus, interposes a generation and gives Medusa another chthonic pair as parents. Gazing directly upon her would turn onlookers to stone...
(a major Italian film production company), Mondadori
Arnoldo Mondadori Editore
Arnoldo Mondadori Editore is the biggest publishing company in Italy.-History:Founded by the 18-year-old Arnoldo Mondadori in 1907 to publish the magazine titled Luce!, it soon became an important publisher. Its headquarters are in Milan....
(one of Italy's leading publishing companies), A.C. Milan
A.C. Milan
Associazione Calcio Milan, commonly referred to as A.C. Milan or simply Milan , is a professional Italian football club based in Milan, Lombardy, that plays in the Serie A. Milan was founded in 1899 by English lace-maker Herbert Kilpin and businessman Alfred Edwards among others...
(a football team) and Mediaset
Mediaset
Mediaset S.p.A., known as Gruppo Mediaset in Italian, is an Italian-based media company which is the largest commercial broadcaster in the country...
, which is currently the biggest private entertainment competitor in Italy
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
, owning three channels (Canale 5
Canale 5
Canale 5 is an Italian private television network of Mediaset, the media branch of Fininvest. Canale 5 was the first private television network to have a national coverage in Italy in 1980, based on a local channel, TeleMilano 58, founded in 1978....
, Italia 1
Italia 1
Italia 1 is an Italian commercial television channel on the Mediaset network. It is oriented especially at young people.Italia 1 was launched in January 1982 and, originally, was owned by Rusconi; after a few months, however, due to the aggressive dumping practices of Silvio Berlusconi's rival...
, Rete 4
Rete 4
Rete 4 is an Italian television station belonging to the Mediaset network. It is an Italian private commercial TV channel. Rete 4's main news programme is TG4, whose editor-in-chief is Emilio Fede since 1992.-TV Series:...
), two channels in Spain, Endemol
Endemol
Endemol is an international television production and distribution company based in the Netherlands, with subsidiaries and joint ventures in 23 countries, including the United Kingdom, the United States, France, Mexico, Spain, Italy, Germany, Brazil, Chile, Argentina, Dominican Republic, Poland,...
, a digital TV broadcasting network and many other companies related to TV broadcasting.
The Berlusconi family doesn't control the company directly. Instead, its shares are owned by 38 separate companies, all named 'Holding Italiana' followed by a number (1-38), most of which are in turn controlled by Berlusconi. These 'Holding Italiane' have repeatedly come under investigation by the police for various financial and accounting irregularities, slush funds and money-laundering. All of them were created at the end of the 1970s by covert associates of Berlusconi's and received significant investments (several hundreds of millions of euros at today's value) from still unknown sources. Some of their liquidity was even deposited in cash.
Much of the documentation of that time relative to the early financial and banking operations of these companies has been lost, in one case in a fire.
A report on those matters was commissioned by the general Dipartimento Investigativo Anti-Mafia (Bureau of Anti-Mafia Investigation) of Palermo
Palermo
Palermo is a city in Southern Italy, the capital of both the autonomous region of Sicily and the Province of Palermo. The city is noted for its history, culture, architecture and gastronomy, playing an important role throughout much of its existence; it is over 2,700 years old...
in the 1990s from a finance expert working at the Bank of Italy
Bank of Italy
Bank of Italy may refer to either :*Banca d'Italia is the central bank of Italy.*Bank of Italy was a bank established in San Francisco, California and the forerunner of Bank of America....
, Francesco Giuffrida, to supplement the evidence in a tentative case against Berlusconi and associates for their alleged involvement with the Sicilian Mafia. In 1998 the case was temporarily shelved because of lack of sufficient evidence to go to trial. The case was reopened in 2009.