Italy utility CEO, top regional politician arrested on corruption charges

Toti's office did not offer any immediate substantive comment but said they would later release a statement about the case. Iren's shares on the Milan bourse were down by 2.4% as of 0830 GMT.

The head of Italian utility IREN and the president of the north-western region of Liguria have been arrested on corruption charges, prosecutors in the city of Genoa said on Tuesday.

The arrest of Paolo Emilio Signorini, who took over as IREN CEO last year, relates to his previous role as head of the Ports of Genoa Authority, the prosecutors said, adding that he was being held in custody. As part of the same investigation Giovanni Toti, the president of Liguria, the region that includes Genoa, has been placed under house arrest, the prosecutors' statement added.

Toti is part of Noi Moderati, a small centre-right party that is allied to Prime Minister Giorgia Meloni's coalition. Toti is accused of receiving 74,100 euros ($79,725) from prominent local businessman Aldo Spinelli and his son Roberto Spinelli in return for a series of business favours - including speeding up port terminal concessions for the Spinellis and the granting of building permits.

Signorini is accused of accepting 15,000 euros in cash from Aldo Spinelli and other sweeteners including overnight stays in a luxury hotel in Monte Carlo, the prosecutors said. Aldo Spinelli is well known in Italy as a former president of Serie A soccer club Genoa.

Matteo Cozzani, Toti's chief of staff, is accused of striking votes-for-jobs deals with suspected members of a Sicilian Mafia clan based in Genoa, the prosecutors said. Toti's office did not offer any immediate substantive comment but said they would later release a statement about the case.

Iren's shares on the Milan bourse were down by 2.4% as of 0830 GMT. It was not immediately possible to reach Iren or representatives for Signorini a comment. ($1 = 0.9295 euros)

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