JUNE 27, 2002

Troubles for ex-Minardi partner

EMILIO GNUTTI is one of Italy's wealthiest financiers and for most of the last 12 years has been quietly involved as a shareholder in Formula 1, starting out with Scuderia Italia and ending up as a minority shareholder in Minardi until the company was acquired last year by Paul Stoddart.

Gnutti was found guilty on Tuesday of insider trading and is one of the first Italian businessmen to have been convicted on that charge since a new law was introduced 11 years ago. Gnutti is appealing the decision which would see him jailed for eight months and banned from being a director.

Gnutti has been a leading business man in the Brescia area since the 1960s.