De Benedetti to help share probes

The former chairman of Olivetti, Carlo De Benedetti, has said he will co-operate with investigations into his alleged insider dealing of Olivetti shares.

An investigation by Turin magistrates coincides with a separate one by Italian stock exchange regulator Consob.

The allegations of insider dealing came at the end of August after increased share dealing shortly before the publication of Olivetti's accounts. The accounts revealed losses amounting to $290 million.

De Benedetti's lawyers issued a statement saying the former chairman would 'give ample explanations, as well as the necessary documents' which would prove his innocence.

The Consob investigation is looking into the validity of Olivetti's balance sheets and published accounts.