San Francisco Chronicle
May 21, 1981 - p.35
Italian Financiers Held
For 'Illegal Transfers'
Roberto Calvi and Carlo Bonomi, two of Italy's leading financiers, were arrested yesterday on charges of illegally transferring funds abroad.
Five other Italian financial executives were also arrested on warrants issued by deputy Milan prosecutor Gerardo D'Ambrosio.
D'Ambrosio charged the seven men were involved in moving about $50 million out of Italy for transactions abroad without informing the Bank of Italy, as required by law.
The arrests triggered a selling wave on the Milan stock exchange, Italy's largest securities market. Shares of La Centrale, a holding company which is part of Calvi's financial empire, slumped up to 20 percent and trading was briefly suspended.
Ambrosiano, one of Italy's most powerful and secretive banking groups.
Banco Ambrosiano operates abroad through a number of holding companies in Luxembourg, Liechtenstein and the Bahamas. But the prosecutor said the bank's transactions were not involved in the investigation.
The investigation centered on the activities of La Centrale holding company in the mid-1970s. Bonomi served on the board of directors of La Centrale.
Also picked up in the dawn raids were Antonio Tonello, chairman of Toro Assicurazioni, an insurance company which is part of the Ambrosiano group; Giorgio Cappugi, former managing director of La Centrale; Mario Valeri Manera and Aladino Minciaroni, board members of La Centrale; and Giorgio Cigliana, managing director of Invest, of which Bonomi is chairman.