Impregilo chairman arrested

Massimo Ponzellini, the chairman of Italian contractor Impregilo, has been arrested in Italy following allegations of bribery during his previous job as chairman of Italian bank Popolare di Milano.

Mr Ponzellini was one of three people arrested by Milan prosecutors in connection with an investigation into irregular loans granted by the bank. He left Popolare di Milano at the end of 2011, and has been chairman of Impregilo since May 2007.

Italian prosecutors allege that Popolare di Milano granted large loans in exchange for € 5.7 million in bribes. The investigation led to searches at Mr Ponzellini's offices and homes last November.

Previously, Mr Ponzellini has also held senior positions at the European Bank for Reconstruction & Development, and the European Investment Bank. He has been placed under house arrest.