MONTREAL – Saputo Inc. (TSX:SAP) shares are down by more than five per cent on the Toronto Stock Exchange today after published reports of allegations linking the company founder to the Italian Mafia.
The shares in Canada’s largest dairy-processing company have dropped by $1.70 to $28.22.
Several reports are suggesting that Lino Saputo’s name is mentioned in an investigation by Italian police into an alleged Mafia money-laundering scheme worth some $600 million.
The newspapers say Italian police are alleging Saputo’s name came up during a wiretapped conversation between Mariano Turrisi, an Italian-based entrepreneur who was arrested by authorities last month, and another arrested suspect.
Saputo is denying any wrongdoing and says he has never met Turrisi or done any business with him.
He says he intends to sue the Italian weekly that first published the allegations.
Saputo shares drop amid reports of allegations linking founder to Mafia – Source: The Canadian Press – Posted: 02/15/08 10:27PM – http://money.aol.ca/article/saputo/101601/
1950 – Master cheesemaker Giuseppe Saputo emigrates to Canada with his eldest son, Frank, convinced this is the ideal country for providing his family with a better future in the aftermath of World War II. They come from Montelepre, a little village close to Palermo, in Sicily.