Saturday, May 18, 2024 execs have detention extended as probe continues execs have detention extended as probe continues

ZURICH, Oct 24 (Reuters) – The chief executive and chief operating officer of , subjects of a criminal investigation into the possible abuse of state aid for firms hit by pandemic lockdowns, have had their period in investigative custody extended up to Nov. 29, the online travel company said on Monday.
Both Chief Executive Fabio Cannavale and Chief Operating Officer Andrea Bertoli were suspended from the company for three months on July 25, after the probe was launched by prosecutors in the southern Swiss canton of Ticino.
The probe is also trying to identify whether there have been any irregularities concerning short-time work allowances to certain Swiss subsidiaries related to the COVID-19 pandemic.
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“This investigation involves current and former employees of such subsidiaries as well as some current and former members of various boards of directors,” said in a statement.
As Cannavale and Bertoli will unable to perform their duties after the original suspension period elapsed on Oct. 24, the company added, interim CEO Laura Amoretti will continue in her post.
Headhunters have been appointed to search for a permanent chief executive, while an extraordinary general meeting is also due to take place by the end of the year to discuss “all relevant matters associated with the current situation” the company added.
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Reporting by John Revill; Editing by David Gregorio
Our Standards: The Thomson Reuters Trust Principles.



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