Fastweb Under the microscope

It is hard to judge the accuracy of recent reports in the Italian press that have claimed Fastweb is under investigation for VAT fraud. The broadband group has denied them. Sure, it has admitted that the Roman authorities are investigating the conduct of counterparties which may have deprived the taxman of revenue. But Fastweb claims that it is not directly involved. Investors are taking these assurances with a pinch of salt if the 4% fall in Fastweb’s shares that followed the news is anything ...