Troubled information technology group, Olivetti has disbanded the executive committee which it set up as an emergency measure in September at the height of its financial crisis.
The company said that borrowing requirements had stabilised and that the committee which was set up to reinforce the power of chief executive Roberto Colaninno and the 17- strong board was no longer needed.
Analysts, however believe that it would be premature to say Olivetti was in normal operating condition and Colannino, has warned the Italian parliament against opening an inquiry into the company?s affairs, saying the prospect of such a probe could finish the group off, the Italian press revealed yesterday.
Olivetti which had a first-half pre-tax loss of 440bn lire, wants to raise 800bn lire through asset sales by the end of the year. The company has confirmed that it hopes to sell Olivetti PC this December.
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