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Founder of Babelgum and Fastweb arrested

Silvio Scaglia, founder of Fastweb and Babelgum, has been jailed pending questioning regarding an alleged €2 billion money-laundering scheme.
March 1, 2010

Silvio Scaglia, founder of Fastweb and Babelgum, has been jailed pending questioning regarding an alleged €2 billion money-laundering scheme. Italian news agencies say the probe has issued warrants for 55 other individuals, examining activities conducted between 2003 and 2007, during which time Scaglia was chairman and CEO of Fastweb. As such, the probe does not relate to Babelgum. ‘Mr. Scaglia’s assets have not been seized and the company’s functioning and effectiveness has not been impacted in any way,’ says Babelgum in a statement issued to realscreen. ‘Babelgum’s business plan is fully funded for 2010 and beyond.’ Scaglia no longer has a management role with the online content hub but remains its sole investor.

About The Author
Barry Walsh is editor and content director for realscreen, and has served as editor of the publication since 2009. With a career in entertainment media that spans two decades, prior to realscreen, he held the associate editor post for now defunct sister publication Boards, which focused on the advertising and commercial production industries. Before Boards, he served as editor of Canadian Music Network, a weekly music industry trade, and as music editor for HMV.com. As content director, he also oversees the development of content for the brand's market-leading events, the Realscreen Summit and Realscreen West, as well as new content initiatives.

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