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Footnotes / references source;[3][4][5] Mediaset was consolidated as Fininvest had the controlling stake in the number of directors in the board
Finanziaria d'investimento Fininvest S.p.A., also known as Fininvest, is an Italian holding company controlled by the Berlusconi family and managed by Silvio Berlusconi's eldest daughter Marina Berlusconi.
On 15 February 2017, Fininvest announced that they bought an additional 2.9% shares of Mondadori (increased to 53.299%)[9] It was followed by and additional 1.27% shares of Mediaset on 12 May.[1] Fininvest had also purchased more shares in December 2016,[10] in response to hostile takeover by Vivendi.
Other investments
Fininvest owned 0.99% stake in Mediobanca, and was part of the shareholders' pact that owned about 31% stake in the bank in total.[11]
Controversies
The Berlusconi family does not control the company directly. Instead, its shares are owned by 38 separate companies, all named 'Holding Italiana' followed by a number (1-38), most of which are in turn controlled by Berlusconi. These 'Holding Italiane' have repeatedly come under investigation by the police for various financial and accounting irregularities, slush funds and money-laundering. All of them were created at the end of the 1970s by covert associates of Berlusconi's and received significant investments (several hundreds of millions of euros at today's value) from still unknown sources. Some of their liquidity was even deposited in cash. Much of the documentation of that time relative to the early financial and banking operations of these companies has been lost, in one case in a fire.
A report on those matters was commissioned by the general Dipartimento Investigativo Anti-Mafia (Bureau of Anti-Mafia Investigation) of Palermo in the 1990s from a finance expert working at the Bank of Italy, Francesco Giuffrida, to supplement the evidence in a tentative case against Berlusconi and associates for their alleged involvement with the Sicilian Mafia. In 1998, the case was temporarily shelved because of a lack of sufficient evidence to go to trial.
