Eversheds’ Italy chief faces jail over Cirio directorship

Eversheds’ Italian managing partner Riccardo Bianchini Riccardi could face eight years in prison in connection with the bankruptcy of Italian agricultural company Cirio, of which he was a director.

Prosecutors in Rome last week recommended that Bianchini Riccardi should serve the sentence alongside a number of other Cirio executives, including his client Sergio Cragnotti.

The company went bankrupt in 2003, owing savers over €1.2bn in outstanding bonds.

As well as advising Cragnotti on a number of acquisitions, including the listing of football club Lazio in 1998, Bianchini Riccardi sat on several Cirio boards.

A spokesperson for Eversheds said in a statement: “It’s inappropriate to comment on an on-going trial, especially when it is likely to be a number of years before a final conclusion is reached.”

In December 2010 Bonelli Erede Pappalardo founding partner Sergio Erede, who was an executive on the dairy company Parmalat’s board, was given a 20-month suspended sentence in relation to the company’s bankruptcy (10 December 2010).