By Aris Barkas/ barkas@eurohoops.net
The end of the road may be near for Ferdinando Minucci and his basketball related business. As Italian media reported, the former president and general manager of Siena was arrested by the Italian financial police and he remains in custody at his house, accused for tax fraud.
The same allegations apply to Stefano Sammarini, Nicola Lombardini and Olga Finetti. The operation of their arrest was named “time out” and already the authorities have ordered the seizure of property for a total of 14 millions euros. In order to avoid paying taxes, two companies in Rimini were created which handled the “image rights” of Siena’s players from 2006 until 2012. The investigation of the Italian financial police found many irregularities. As “Gazzetta” reported 35 millions were paid from 2006 until 2013 to the “Essedue” company for services which were never carried out. Via a net of transfers the money returned to Siena and Minucci personally who was keeping a 5% for personal use. It’s calculated that at least two million euros ended up to Minucci. In total 25 players of Siena are in the middle of a 16 millions euros tax evasion.
Minucci has no ties at this point with Siena, still the future of the club is a question mark, however he has been elected as the new president of Legabasket and his term on office starts on the 1st of July. Of course after this incident that remains to be seen.