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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
Meagan Kashty is an associate editor of realscreen, an international print and online magazine that covers the non-fiction film and television industries. Meagan is an award-winning business journalist. Prior to joining the realscreen team, Meagan was online editor of Canadian Grocer, named Magazine of the Year at the 2015 Canadian Business Media Awards. She can be reached at mkashty@brunico.com, and you can follow her on Twitter @MegKashty

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