Friday, July 13, 2012

Report: De Tomaso chairman arrested amidst accusations of misappropriated funds

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De Tomaso emblem on car

Gian Mario Rossignolo, the chairman of De Tomaso, has been arrested under suspicion of misusing $9.2 million in public funds, according to Reuters. Rossignolo was taken into custody alongside both the company's head of human resources and a financial intermediary as part of the probe. The executive's lawyers weren't immediately available for comment, though police say De Tomaso may have used a false bank guarantee in order to receive money from the European Union. Those funds may have wound up in the trio's personal bank accounts. Reuters reports De Tomaso received millions of dollars from the government to help re-train around 1,000 workers to build cars that will apparently no longer be built.

Last may, the Piedmont region of the EU, which originally provided funding, asked De Tomaso to refund of the $6 million it had granted the automaker. Earlier this month, De Tomaso filed for bankruptcy, saying it had run out of funding.

De Tomaso chairman arrested amidst accusations of misappropriated funds originally appeared on Autoblog on Thu, 12 Jul 2012 18:01:00 EST. Please see our terms for use of feeds.

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