"Allegations of private sector corruption" prompted an investigation by the Guardia di Finanza of Rome's Provincial Command, who, under orders from the public prosecutor, conducted searches and seizures at the homes and offices of two executives from Tim and NTT Data on the morning of October 23.
Police blitz at TIM's headquarter
According to a statement from the Guardia di Finanza, "the searches took place at the residences of the individuals and at certain offices of the mentioned companies."
At Tim, the executive involved is reportedly Simone De Rose, head of procurement, directly reporting to CEO Pietro Labriola. The investigation at NTT Data centers on Emilio Graziano.
Tim confirmed the morning searches in a statement, indicating that the company "will fully cooperate with investigators to help identify any liabilities that may have harmed the group." Tim positions itself as the injured party in the case.
Tim shares dip on the Milan Stock Exchange
The news was not well-received on the Milan Stock Exchange. Just minutes after trading began, Tim was the worst performer on the FTSE MIB, with its stock dropping over 2% at the opening and later declining nearly 3%, trading around €0.24.
Details of the Allegations
According to the search warrant, the alleged private sector corruption involves two separate incidents. In both cases, the warrant states that De Rose "received undue payments" from the other individual under investigation "in exchange for actions that violated his duties and obligations of loyalty."
