Senate approves conflict of interest bill

ROME, Italy -- The upper chamber on Tuesday passed a controversial bill that could seriously impact election prospects for conservative opposition leader Silvio Berulsconi.

The conflict of interest bill, which was approved by the Senate, would bar a prime minister or any high-level public official from holding a stake worth more than $7 million (15 billion lire) in a business.

It would also prevent a premier from holding any stake in a mass media company.

Berlusconi is listed by Forbes magazine as the world's 23rd richest man with a fortune of around $11 billion.

Fininvest, his family's holding company, owns Mediaset -- broadcaster of Italy's three most popular television channels -- as well as a publishing group and an advertising agency.

An election, pitting Berlusconi's centre-right bloc against the governing centre-left coalition, will be expected in early May.

The bill, which the Senate passed by 165 votes to 87 after considering more than 1,000 amendments, was first passed by the lower house, the Chamber of Deputies, in 1998.

It now has to return to the lower house for a second reading, when it is likely to be pelted with more amendments, before going up to the Senate for its second reading.

Few think there is time for it to be made law before parliament is dissolved and a general election called.

Three year old bill

The lower house originally approved the bill in the wake of Berlusconi's fateful seven months as prime minister in 1994.

At the time, the bill stated that a premier with assets worth more than $7 million had to sell those assets within 45 days of taking office or place them in a "blind trust" headed by someone chosen by Italy's competition authority.

The amendments to the law passed by the Senate on Tuesday make the terms even stricter, banning any prime minister or top official from winning any state-issued licences.

Since 1998, the draft has changed in key ways. It now states that offending interests cannot be sold to family members.

Berlusconi's family, which officially controls Fininvest, also holds other media assets -- his brother owns Il Giornale daily newspaper and his wife co-founded Il Foglio daily.

As well as TV and advertising, Berlusconi's empire also spans banking and a supermarket chain, making him Italy's wealthiest man and one of its top earners with an annual income of around 16 billion lire ($7.6 million).

His detractors, and even some of his supporters, want Berlusconi to divest himself of his business interests before the general election takes place.

Berlusconi said last week that he might be prepared to sell the broadcaster Mediaset if he won the election, and has also said he would back a law on conflict of interest.

Reuters contributed to this report.

Italian Parliament
Giornale Newspaper
Mediaset
Fininvest

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