Wednesday November 25 2015
Milan: Mr Bee sale in doubt

The operation for the sale of Milan to Bee Taechaubol is taking so long that sources suspect it may be a scam.

The latest reports indicate that Mr Bee's acquisition of 48 per cent of the shares of Milan may be finalised some time between December 16 and Christmas.

But there have been so many similar announcements that the world of finance and business is becoming wary.

According to Il Sole 24 Ore, Mr Bee needs to find €480m for the operation to go through and there are three hypotheses on the outcome.

Firstly, Mr Bee's delay may simply be caused by one of his Asian investors having opted out, and he'll be able to replace him in time, allowing the deal to go through.

Secondly, Mr Bee doesn't actually have the money, but is simply playing a game as a financial mediator and his final objective is personal publicity more so than making the deal happen. The publication suggests that this option is supported by Mr Bee's business history.

Thirdly, the money for the sale of Milan may come from dubious and not entirely legal sources, as of yet unverified. L'Espresso conjectured that this may even include President Silvio Berlusconi's own money, which would be laundered back into his hands, even though Il Sole 24 Ore believes this idea to be too far-fetched.

Indeed, Mr Berlusconi has strenously denied such allegations.

There is an investigation currently being undertaken on the sale of Milan by the city council, which will hopefully clear some of these doubts.

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