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The Court of Milano has convicted former Italian Prime Minister Silvio Berlusconi of tax fraud. He has been sentenced to four years in prison. The court also sentenced the co-defendant companies to pay €10 million to Italian tax authorities for losses in what they called ‘large-scale fraud’.

In addition, the Court has forbidden S. Berlusconi to hold public posts for three years.

Cases in Italy must pass two levels of appeal before the verdicts are final so Berlusconi, who was reportedly not in court when the verdict was announced, will have a chance to get his conviction overturned.

Moreover, Deputy Prime Minister, President of Mediaset Concern Fedele Confalonieri also faced the Court. The latter is charged with the fact of incredibly raising the prices of right purchase to broadcast Hollywood films on Italian TV. It should be noted that the Court found him innocent.

Berlusconi, who served three terms as Prime Minister, has over the years been accused of everything from bribery, false accounting, collusion, tax evasion, and embezzlement. However, all accusations were considered denounced by the Supreme Court. At this time, he faces charges for having sex with an underage prostitute. If the charges on sexual nature are confirmed then Berlusconi faces up to 15 years of imprisonment.

Italian politician S. Berlusconi is also a major businessman. He is the owner of ‘Fininvest’ Holding that has a total of 150 companies in it. He also owns Milan football club. He was elected head of the Italian government 3 times, which is an absolute record in the history of the country.  In 2011 after losing the majority of the seats in Parliament he voluntarily resigned.  According to ‘Forbs’ magazine financial wealth of Berlusconi estimated $7, 8 billion in 2011.